ImClone Chairman Carl Icahn has refused a recent offer from Bristol Myers to take over the biotech firm for $62 a share.
In a letter Icahn called the offer absurd. He wrote “your hostile tender of $62 seems absurd...If you wish to make your attorneys wealthier, I can show you more productive ways to do so. Or, if you simply want publicity, I can also help you in that regard without your having to make unnecessary expenditures."
Icahn had said that he’s in contact with a mystery bidder who’s offered to buy the company for $70.
This is classic Carl, says Karen Finerman. I just love the rhetoric.
I think Icahn should be a little cautious, adds Pete Najarian. If the $70 bid walks away Bristol Myers will sit in the drivers seat and the stock appears to have a lot of down side. If you own this stock I’d buy some puts as protection.
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Trader disclosure: On Sept 24, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (MSFT), (CY), (WMT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (AAPL) And (AAPL) Puts; Najarian Owns (BBBY) Put Spread; Najarian Owns (BIIB) Calls; Najarian Owns (MS) And (MS) Puts; Najarian Owns (NOK); Najarian Owns (RIMM) Call Spread; Najarian Owns (WB) Put Spread; Najarian Owns (XLF) Call Spread; Finerman Owns (GS); Finerman's Firm Owns (DELL), (JNJ), (MSFT), (NOK), (SUN), (TSO), (VLO), (WM); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (COF)
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