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In October 2007, when activist investor Carl Icahn revealed an interest in acquiring Biogen Idec (BIIB - Cramer's Take - Stockpickr), he expressed that he might willing to pay between $76 and $82 a share in cash, according to a Bloomberg report citing court documents made public Tuesday. Last fall, rumors emerged that Icahn had bid at or around $80 a share. An offer of $82 a share, or $15 billion, would represent a 22% premium to the closing price the day before the proposal was shared with Biogen's board. Since Biogen took itself off the block, the biotech has wrangled with Icahn, who has criticized the sale process and demanded it be reinitiated. Icahn is lobbying for three board seats at the company's annual meeting on June 19, in hopes of gaining the strength to facilitate the sale himself. Shares -- which traded as high as $84.75 when the company was flirting with a possible sale -- were off by $1.16, or 2%, at $59.28 Wednesday. For more on the Icahn and Biogen, check out TheStreet.com's past coverage:
- Icahn to Biogen: Papers now! (5/21/08)
- Icahn Angles for Biogen Board Seats (1/28/08)
- Biogen Idec Execs Accelerated Planned Stock Sales (12/14/07)
- Biogen Idec Shares Plummet (12/12/07)
- What's Biogen Worth? (10/15/07)
- Biogen Idec Seeks Buyer (10/12/07)
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