Carl Icahn issued a statement in response to a disclosure from Imclone Systems Inc. (IMCL) that a $36 bid was turned away because he didn't support it.
"It should be noted that the bid was a conditional non-cash offer and made with the bidder's stock, which I believed was overpriced." He also said, "While I admit I was opposed to the bid, if the Board really wanted to sell the Company at $35.50, it should have done what any self-respecting board would have done. They should have accepted the bid and then tried to convince the stockholders that the transaction was in their best interest and not let an 11% stockholder stand in their way."
Icahn said he believes that ImClone is worth more than $36 a share if it is run by "competent people."
In addition Icahn said:
"I felt then that I was being asked to comment on a non-bid but stated that if the all-stock bid were made, I still thought that the consideration was inadequate and would vote my shares against it. In fact, no one from the Company even contacted me to tell me that they changed their mind on the basis that the new suggested price was 50 cents higher, nor did anyone from ImClone urge me to support the $36 possible bid. Had the Board really favored a sale at $36, the Board could have pursued the matter and asked the bidder to make the bid. However, I must admit I am very glad they did not."