Target: ImClone Systems (IMCL)
Deal: $70/share
Current Share Price (10/10/2008): $65
Acquirer: Eli Lilly and Co.
Notes:
The $70/sh offer beat out another offer of $62/sh from Bristol-Myers Squibb.
Current arbitrage spread: $5/sh
Seems like a consensus is growing that this deal might not happen.
But the deal immediately raised eyebrows when Lilly executives revealed that as much as half the cash will [...]