Auric Goldfinger's Short List Message Board

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Non-Tech : Auric Goldfinger's Short List

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To: Sir Auric Goldfinger who started this subject	2/15/2002 11:46:11 AM
From: StockDung	of 19428

ImClone Adopts Takeover Defense as Icahn Seeks Shares (Update2) By Angela Zimm New York, Feb. 15 (Bloomberg) -- ImClone Systems Inc. said it adopted a takeover defense after investor Carl Icahn filed with U.S. regulators for permission to buy as much as $500 million of the drugmaker's stock. ImClone is battling with partner Bristol-Myers Squibb Co. over control of their stalled cancer drug Erbitux. ImClone shares have lost almost 70 percent of their value since Dec. 28, when the U.S. Food and Drug Administration refused to consider the biotechnology company's research on Erbitux. Bristol-Myers agreed last year to pay up to $2 billion for a 20 percent stake in ImClone. Icahn has previously taken stakes in companies such as Nabisco Group Holdings Corp., Trans World Airlines Inc. and Texaco Inc. to force changes in management or company strategy. Last year, he attempted a takeover of Visx Inc., maker of eye surgery lasers. Icahn didn't return a phone call requesting comment. Icahn has had previous ties with ImClone and its Chief Executive Officer Samuel Waksal. An investment group led by Icahn acquired a 5.1 percent stake in ImClone in October 1999. Waksal was also part of a proposed slate of directors that Icahn tried to nominate to the Visx board last year. ImClone shares rose 27 cents to $17.85 in midday trading. The company said its shareholder rights plan wouldn't interfere with the rights of Bristol-Myers and Merck KgaA, which owns an 2.8 percent stake and is developing Erbitux in Europe, to buy shares under existing agreements with ImClone. ImClone said the plan would entitle each shareholder of record as of Feb. 19 the right to buy one-hundredth of share of newly issued preferred stock at $175 per share for each share held. The plan would go into effect if any person becomes the owner of 15 percent or more of ImClone's common stock, entitling shareholders to purchase ImClone's stock having a value of twice the initial purchase price.

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