Takeover Offer From Bristol-Myers Squibb, and Subsequent Bidding Showdown
On July 31, 2008, Bristol-Myers Squibb offered to take over ImClone for $60 a share cash. The offer was made by letter addressed to ImClone's chairman of the board, Carl Icahn.
On September 10, 2008, An undisclosed company and CEO offered to take over ImClone for $70 a share, financing approach was not disclosed. The offer was conditional on the results of a due diligence review of ImClone's business and technology by the undisclosed party, to be completed September 28, 2008.
On September 23, 2008, Bristol-Myers Squibb upped its offer to take over ImClone to $62 a share. In addition, Bristol threatened to take the offer to the share holders for a proxy battle with the intention of replacing the current Board of Directors headed by Carl Icahn.
On October 6, 2008, ImClone agreed to be acquired by Eli Lilly for $6.5 billion ($70/share).
On November 24, 2008, ImClone was formally acquired by Eli Lilly, with all NASDAQ IMCL shares tendered for $6.5 billion ($70/share). ImClone is now a fully owned subsidiary of Eli Lilly and Company
Read more about this topic: ImClone Systems
Famous quotes containing the words takeover, offer, subsequent and/or bidding:
“A poet is a combination of an instrument and a human being in one person, with the former gradually taking over the latter. The sensation of this takeover is responsible for timbre; the realization of it, for destiny.”
—Joseph Brodsky (b. 1940)
“Traditions are the “always” in life—the rituals and customs that build common memories for children, offer comfort and stability in good times and bad, and create a sense of family identity.”
—Marian Edelman Borden (20th century)
“And he smiled a kind of sickly smile, and curled up on the floor, And the subsequent proceedings interested him no more.”
—Francis Bret Harte (1836–1902)
“A simple and independent mind does not toil at the bidding of any prince.”
—Henry David Thoreau (1817–1862)