Market Currents

• Monday, October 27, 2008

• 10:27 AM A pension plan and several individual shareholders are suing to block Eli Lilly's (LLY) $6.5B buyout bid for ImClone (IMCL), arguing the deal is unfair to ImClone stockholders. LLY -0.5%, IMCL +0.7%. Comment!

• Monday, October 6, 2008

• 03:59 AM ImClone (IMCL) agrees to be acquired by Eli Lilly (LLY) for around $6.1B. Comment!

• Thursday, October 2, 2008

• 06:50 AM ImClone (IMCL) Chairman Carl Icahn says the unnamed big pharma firm - which WSJ claims is Eli Lilly (LLY) - has completed its due diligence and made a proposal. A formal offer could prompt 17% stakeholder Bristol-Myers (BMY) to increase its $62 bid. Comment!

• Wednesday, October 1, 2008

• 15:56 PM Cat's out of the bag: Eli Lilly (LLY -0.4%) is ImClone's (IMCL +4.25%) mystery suitor, and is in advanced talks to acquire ImClone for $70/share - or $6.1B. Comment!

• Monday, September 29, 2008

• 04:30 AM ImClone (IMCL) is expected to announce it is in continuing talks to sell itself to a major pharma firm for around $6.1B, and will likely set a deadline by which it hopes to announce a deal with the unnamed suitor. Comment!

• Tuesday, September 23, 2008

• 15:55 PM ImClone Systems (IMCL +7.25%) chairman Icahn calls Bristol-Myers' (BMY) $2/share bid increase absurd. A 'large Pharma company' is offering $70/share, subject to due diligence which will wrap up this Sunday, he says. Comment!
• 09:25 AM Pre-market gainers: AIG +10%. ABK +7%. IMCL +6%. LCC +4%. ETFC +4%. AMR +2%. GLW +2%. Comment!
• 06:29 AM In addition to its higher buyout bid, Bristol-Myers (BMY), with a 17% stake in ImClone (IMCL), will also launch a proxy fight to gain control of ImClone's board. Comment!
• 06:25 AM In its ongoing takeover saga, Bristol-Myers (BMY) raises its bid for ImClone (IMCL) to $4.7B, or $62/share, and says it will take the offer directly to shareholders. Comment!

• Wednesday, September 17, 2008

• 09:11 AM Bristol-Myers Squibb (BMY) warns it may abandon its $60/share ImClone (IMCL) offer if a bidding war breaks out. CFO Jean-Marc Huet says ImClone would be a "very nice bolt-on acquisition," but "there are situations in which we are willing to walk away." Comment!

• Wednesday, September 10, 2008

• 10:55 AM What mystery buyer would pay $70/share for ImClone (IMCL)? Comment!
• 09:08 AM ImClone (IMCL) rejects Bristol-Myers' (BMY) $60/share unsolicited offer as "inadequate." An unnamed Big Pharma firm is considering a $70/share bid and has two weeks to complete its due diligence. Pre-market: IMCL +2.1%, BMY +2.7%. Comment!

• Tuesday, August 5, 2008

• 07:10 AM ImClone (IMCL) chairman Carl Icahn questions whether Bristol-Myers (BMY) had access to confidential IMCL info before launching its unsolicited $4.5B bid. BMY denies the allegations, and says it may sell its 17% stake in IMCL if a deal doesn't happen. Comment!

• Monday, August 4, 2008

• 09:57 AM ImClone (IMCL -0.9%) is uninspired by Bristol-Myers' (BMY +1%) $4.5B ($60/share) bid. It is considering splitting into two (Erbitux and pipeline), which would increase shareholder value - and says big stakeholders including Icahn agree the bid's too low. Comment!

• Thursday, July 31, 2008

• 12:57 PM Just how much does Carl Icahn stand to make on his ImClone Systems (IMCL +37.7%) stake? Comment!
• 08:39 AM Bristol-Myers (BMY +0.65%) offers Erbitux cancer treatment partner ImClone Systems (IMCL +41%) chairman Carl Icahn $60/share ($4.5B) for the company - a 30% premium. BMY already owns 16.6% of IMCL. [PR] Comment!