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Biotechnology Business
Lilly Commences Cash Tender Offer for ImClone Systems at $70 Per Share
November 1st, 2008
Eli Lilly and Company (NYSE:LLY) announced that its wholly-owned subsidiary, Alaska Acquisition Corporation, has commenced its tender offer for all outstanding shares of ImClone Systems Incorporated (NASDAQ:IMCL) at a price of $70.00 net per share in cash. Lilly and ImClone previously announced that they had reached a definitive merger agreement for Lilly to acquire ImClone. The Board of Directors of ImClone has unanimously determined that the offer and the merger are fair to, and in the best interests of, ImClone and its shareholders; approved and declared advisable the merger agreement and the transactions contemplated thereby, including the offer; and recommended...
Source: Law & Health Weekly (2008-11-01)
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