ImClone rejects BMS, has a new suitor.(Thursday, Sept. 11)

Carl Icahn, chairman of the board at ImClone Systems Inc., said the board's special committee has rejected a buyout offer from Bristol-Myers Squibb Co., and will consider a higher bid from an unnamed large pharmaceutical company. Icahn said that he has had several conversations with the CEO of the pharmaceutical company, and as a result of those discussions, the drug company has submitted a proposal to acquire ImClone for $70 per share in cash. Bristol-Myers Squibb's offer price of $60 per share in cash was considered inadequate by the board's special committee, according to ImClone. ImClone said that no determination has been maded as to whether $70 per share would be adequate. The …