ImClone (IMCL) said Monday that the mystery bidder that has flirted with paying $70 a share for the company will make up its mind by Wednesday.
The company will either make a firm offer or withdraw by that deadline. ImClone said it will divulge the mystery suitor's name if it withdraws its proposal, according to an ImClone release.
(BMY - Get Report)
went hostile with its own bid for the company, raising it to $62 a share and going directly to shareholders.
dismissed the hostile tender offer as "misleading" and "absurd."
TheStreet.com BioTalk: IMCL, BMY
Investors, and no doubt Bristol Myers, will now wait to hear from the veiled third party.
ImClone is best known for its Erbitux cancer drug, which Bristol-Myers sells in the U.S. German company Merck KGaA sells the drug in Europe.
ImClone shares closed at $63.38 Friday.