Icahn responds to ImClone statement

In a statement issued October 4, billionaire investor and ImClone stockholder Carl Icahn responded to a series complaints detailed in a letter submitted to the US Securities and Exchange Commission by the New York-based oncology firm (Marketletter October 5).

In his letter, Mr Icahn refutes ImClone's claim that it turned down a bid of $35.50 per share for the company on the basis that he opposed it, adding that he believes this contradicts a statement made by the firm on August 10 this year in which it said that the offer was inadequate. Mr Icahn also said that the bid in question was a conditional non-cash offer made with the bidder's stock, which he believed was overpriced.

Mr Icahn's statement also said that, when he was asked by ImClone's investment banker if he would favor an increased $36.00 per share bid by the same bidder, he still believed the consideration was inadequate and maintained his position.