Lilly commences $70/share tender offer for ImClone
US drug major Eli Lilly, through its wholly-owned subsidiary, Alaska Acquisition, has commenced its tender offer for all outstanding shares of ImClone Systems at a price of $70.00 net per share in cash. Lilly and ImClone previously announced that they had reached a definitive merger agreement, after the latter had rejected a lower bid from Bristol-Myers Squibb (Marketletter October 13).
Unless extended further, the offer - which is still subject to certain conditions such as the waiting period under the Hart-Scott-Rodino Antitrust legislation - will expire on November 20.
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