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Health and Healthcare

Bristol-Myers Re-Offers No New Offer for ImClone (IMCL, BMY)

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By Douglas A. McIntyre Published
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Bristol-Myers Squibb (NYSE: BMY) has sent a letter to Imclone Systems (NASDAQ: IMCL) in response to yesterday’s rejection of its buyout offer.  It said it is disappointed that the $60.00 bid was passed up for a highly conditional higher offer subject to due diligence. Bristol’s offer is not subject to due diligence.  Bristol-Myers also said it will not make any alterations to its exclusive marketing rights for ERBITUX and the related compounds (including IMC-11F8).

As the letter states….."Notwithstanding ImClone’s receipt of ahighly conditional preliminary proposal from another party, we continueto look forward to engaging directly with ImClone and its financial andlegal advisors to discuss the merits of our all-cash offer, which isnot subject to due diligence or financing, to acquire the approximately83% of ImClone that we do not already own."

In short, Bristol-Myers is trying to start flexing its muscles now thatImClone and Carl Icahn have started showing face cards.  ImClone is down1.4% at $66.95 today.  Technically, this is no more than step-3 of along series of steps in an Icahn merger game.

Jon C. Ogg
September 11, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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