ImClone rejects BMS's higher bid

The only Bristol-Myers Squibb representative on the ImClone's board of directors, John Celentano, resigned in the wake of what many are now calling a hostile takeover attempt by Bristol-Myers.

But that isn't the biggest news of the day.

The big news is that Carl Icahn sent (yet another) snarky letter to James Cornelius at Bristol-Myers yesterday, essentially telling him that the company's latest offer--made yesterday--is ridiculous. And in true Icahn fashion, he didn't mince words.

The new offer was an increase of $2 per share over the original $60-per-share offer made in July, but does not come close to the secret offer Icahn claims to have in his back pocket for $70 per share. The supposed secret lover has until Sunday to complete its review of the biotech firm and seal the deal, said Icahn. "In light of these facts," he said in a letter to Cornelius, "your hostile tender of $62, at this time, seems absurd."

- check out Icahn's letter
- see the story at Forbes