Bristol Vs. ImClone Heats Up As Icahn Gets Nastier


I've been under the weather and too lethargic to even blog for a couple days, but nuthin' like a good ol' fashioned corporate war of words to get me goin' again.

Carl Icahn apparently loves a good fight and to throw punches in plain sight. If nothing else, it certainly keeps things interesting for those of us who remain focused on stuff outside the financial sector.

Check out Icahn's latest one-paragraph missive to Bristol-Myers SquibbCEO Jim Cornelius.

The best line of a few good ones: "...your hostile tender of $62...seems absurd."

Icahn underlined hostile, not me.

The letter, which was released by ImClone Tuesday evening, was prompted by Bristol upping its original $60-a-share offer by two bucks on Monday night. That's despite (or in spite of?) Icahn's claim of a $70 offer from a still-mystery bidder.

Since Icahn got involved with ImClone and new management took over at both companies, IMCL and BMY had made great strides toward improving what some insiders reportedly saw as a somewhat strained relationship. The two are partners on the blockbuster cancer drug Erbitux.

As the war of words escalates, one has to wonder if these two do end up getting together how they'll go about mending fences this time. Maybe Icahn's feeling that confident about the outcome of the mystery bidder's due diligence which he says will be done this weekend. Or is it just typical corporate gamesmanship?

    • Bristol-Myers presses ImClone; Icahn fires back
    • Lone Bristol-Myers rep on ImClone board resigns

Questions? Comments?