(EMAILWIRE.COM, September 24, 2008 ) DALLAS, Texas - BeaconEquity.com announces the publication of ‘Bristol-Myers Squibb Determined on ImClone Systems Inc. (IMCL) Takeover, Sweetens Bid’

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Bristol-Myers Squibb Determined on ImClone Systems Inc. (IMCL) Takeover, Sweetens Bid

"Grabbing headlines in the pharmaceutical-biotech merger front, New York-based pharmaceuticals manufacturer Bristol-Myers announced it increased its offer for ImClone Systems Inc. to $62 a share in cash and will take the offer directly to shareholders of the New York oncology-drug specialist…

"Earlier this month, ImClone rejected Bristol-Myer's $60 per share bid, saying the figure substantially undervalued the company. Imclone said it was eyeing a higher bid from an unnamed buyer - a potential $70 a share bid…

"Bristol-Myers, which serves as U.S. marketer for the biotech group's only marketed product, currently owns approximately 16.6% of all outstanding shares of ImClone …

"Just like an embattled suitor, Bristol-Myers raised its offer to $62 per share, valued at approximately $4.7 billion, and said it will take the offer directly to shareholders. Also, Bristol-Myers said it will launch a proxy fight for control of ImClone's board, which has been chaired by activist investor Carl Icahn since late 2006 following a protracted battle with management…"

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Source: BeaconEquity.com

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