ImClone Announces Merger Agreement with Eli Lilly at $70 Per Share

ImClone Systems Incorporated has entered into a merger agreement with Eli Lilly and Company, pursuant to which Lilly has agreed to commence a tender offer for no less than a majority of the issued and outstanding shares of ImClone common stock at a net price per share of $70 in cash. Assuming that the tender offer is successful, the merger agreement provides that the tender offer will be followed by a merger pursuant to which ImClone would be acquired by Lilly. ImClone stockholders who did not tender would receive the same consideration as the tendering stockholders. This transaction represents a premium of 51% to the closing price of $46.44 per share on July 30, 2008, one day prior to the announcement of Bristol-Myers Squibb’s offer for ImClone and represents a $10 premium to BMS’s offer of $60 and an $8 premium to BMS’s... [read full story]