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Icahn Bid Triggers Biotech Firm's Takeover Defense Plan
Billionaire investor Carl Icahn is seeking antitrust approval to purchase $500 million of ImClone Systems stock -- roughly 40 percent of the company -- prompting the New York biotech firm to take steps to defend itself against a takeover. A plan adopted by ImClone makes it prohibitively expensive for an investor to continue buying shares of the company once he controls 15 percent of all stock.
February 18, 2002 at 12:00 AM
1 minute read
By Theresa Agovino |
Updated on February 18, 2002
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