Bristol-Myers Squibb's sole board representative at partner-slash-takeover target ImClone Systems stepped down early this week, presumably to get out of the line of fire. Bristol won't comment, beyond saying that it has no immediate plans to fill the spot. But given that its bid for ImClone has gone hostile, John Celentano had to bow out; after all, he wouldn't be much welcome during board meetings. And if Bristol succeeds with shareholders, it will replace the whole board anyway.
Meanwhile, ImClone Chairman Carl Icahn's "mystery bidder" is supposedly wrapping up due diligence this weekend. Will that supposed $70-a-share bid--beating even Bristol's sweetened $62 offer by a mile--survive the spreadsheets? Will the bidder's identity be revealed? Or will the suitor vanish just as abruptly as it appeared? We'll have to wait and see.