I love a little Icahn in the morning.
ImClone released a statement this morning indicating that the BMS offer substantially undervalues the company.
On Friday, ImClone closed $5.34 (almost 9%) above the BMS offer of $60/share. It will be interesting to watch this one shake out. I think Old Carl has some fight left in the tank (even after the Biogen / Microsoft-Yahoo fiasco) and is gonna throw down on BMS and in fact, the shots have already begun.
The ImClone press release included this remark attributed to Icahn:
Mr. Icahn also stated that he was disturbed that one of the directors on the ImClone Board who is the Bristol-Myers designee was privy to the information discussed at previous meetings concerning the potential separation of ImClone into two separate components and how this restructuring might enhance stockholder value. Accordingly, the Board is reviewing whether Bristol-Myers had access to confidential information concerning ImClone and its pipeline.
I love it; crap on the offer and then wonder aloud about the possibility of impropriety.
It’s shaping up to be a good week.
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Eben is a highly caffeinated business development associate at a small, cash sensitive pharmaceutical company somewhere in Massachusetts. He enjoys cliche-less banter, compartmentalization, non-equilibrium thermodynamics and NPV analysis. Agree or disagree with what he's posted? He encourages comments.
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