ImClone announced today that it will release the name of its mystery suitor after the bidder's self-imposed deadline of 11:59 p.m. on Wednesday, October 1. You'll recall that ImClone announced a $70-a-share offer from a mystery pharma, after its Erbitux partner Bristol-Myers Squibb bid an "inadequate" $60. Last week, Bristol upped its bid to $62, but ImClone Chairman Carl Icahn pooh-poohed that price, saying he would be working with Mystery Date over the weekend on due diligence.
So just who is this Unidentified Bidding Object? Pfizer was one of the companies interested in buying ImClone, the Wall Street Journal reports. Another appears to be Eli Lilly. Whoever it is, we may know for sure on Wednesday: That's the bidder's self-imposed deadline for a final offer. Or we may never know. If the company decides not to make that final bid, it says it will withdraw, perhaps still unidentified.
- check out ImClone's release
- read the WSJ story