<p>On July 31st, 2008, a shareholder has reportedly filed a lawsuit against ImClone Systems Inc. ( NASDAQ: IMCL), Bristol-Myers Squibb Co., ImClone shareholder Carl Icahn, Chief Executive Officer John Johnson and company directors in New York State Supreme Court in Manhattan over the $4.33 billion takeover bid from Bristol Myers Squibb Co. (NYSE: BMY).</p> <p> </p>
<p>The investor in the Lawsuit alleges that the offer by Bristol-Myers Squibb Co. would allow the buyer to obtain the maker of cancer drugs at “a bargain price” and that the price “is not fair”. According to the lawsuit the defendants “engaged in a plan and scheme to enrich themselves at the expense of” ImClone shareholders. The shareholder asked the court to stop ImClone from implementing the merger.<br /> Bristol-Myers Squibb Co. (NYSE: BMY) announced last week that it has proposed to enter into an agreement to acquire ImClone Systems Incorporated (NASDAQ: IMCL), a global leader in the development and commercialization of novel antibodies to treat cancer, for $60.00 per share in cash, or a total payment of approximately $4.5 billion, to equity holders of ImClone, other than Bristol-Myers Squibb. Bristol-Myers Squibb currently owns approximately 17 percent of all outstanding shares of ImClone (please see our News: Bristol-Myers Squibb wants to buy biotech company ImClone for $ 60 cash per share, is that fair enough? What do the Investors think?).<br /> Reportedly Brian Henry, a Bristol spokesman, said the company has a policy of not commenting on pending litigation and that “We believe we’ve made a full and fair offer for ImClone,”.</p>