Biotechnology Business
Lilly to Acquire ImClone Systems in $6.5 Billion Transaction
Published in Cancer Weekly, October 21st, 2008
Eli Lilly and Company (NYSE:LLY) and ImClone Systems Inc. (NASDAQ:IMCL) announced that the boards of directors of both companies have approved a definitive merger agreement under which Lilly will acquire ImClone through an all cash tender offer of $70.00 per share, or approximately $6.5 billion. The offer represents a premium of 51 percent to ImClone's closing stock price on July 30, 2008, the day before an acquisition offer for ImClone was made public. ImClone's board recommends that ImClone's shareholders tender their shares in the tender offer. Additionally, certain entities associated with ImClone's chairman, Carl C. Icahn, holding approximately 14 percent of ImClone's outstanding...
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Source: Cancer Weekly (2008-10-21)
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