Bristol-Myers Squibb Proposes to Acquire ImClone Systems for $60.00 Per Share in Cash
Offer Represents Approximately 30% Premium to the Closing Price of ImClone\'s Stock on July 30, Approximately 40% Premium to the Average Share Price of ImClone Common Stock During the Most Recent One-Month Period and Premium in Excess of 40% for the Average Share Prices of ImClone Stock During the Most Recent Three-Month and 12-Month Periods
Combination Is Natural Development in Companies\' Successful, Seven-Year-Long Relationship around ERBITUX(R)
Bristol-Myers Squibb Company (NYSE: BMY) today announced that it has proposed to enter into an agreement to acquire ImClone Systems Incorporated (NASDAQ: IMCL), a global leader in the development and commercialization of novel antibodies to treat cancer, for $60.00 per share in cash, or a total payment of approximately $4.5 billion, to equity holders of ImClone, other than Bristol-Myers Squibb. Bristol-Myers Squibb currently owns approximately 17 percent of all outstanding shares of ImClone.
- Published: 31 July 2008
- Written by Editor