ImClone's mystery bidder has a "Cinderella" deadline

In what brings to mind thoughts of the Cinderella fairy story, US biotechnology firm ImClone System says that the "large Pharma" company that had made the $70 a share counter offer to Bristol-Myers Squibb $60 bid, now upped to $62 (Marketletters passim), subject to due diligence, but not financing, has informed ImClone that, by 11:59 pm on October 1, it will either make a proposal, that is no longer subject to due diligence, or withdraw.

As has been mutually agreed, if the mystery bidder withdraws and negotiations have thus been ended, the name of the company will be disclosed.

This is the second time that the biotechnology firm's chairman, billionaire investor Carl Icahn, has postponed naming the alternative buyer, in what is becoming something of an acrimonious situation with B-MS' chief executive, James Cornelius, who, in his last communication, said the drug major plans to remove all existing members of ImClone's board, including Mr Icahn himself (Marketletter September 29).