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Icahn Racks Up Gains in ImClone, Motorola, and Amylin

Posted on August 01, 2008

Activist investor Carl Icahn had a nice day yesterday. Here's why:Bristol-Myers (BMY) sent Mr. Icahn a letter presenting a $60 per share offer for ImClone Systems (IMCL). Icahn is the Chairman of ImClone, and owns 11,669,544 shares of the biotech company. With shares of ImClone trading up to 37%, to $63.84 today, Icahn made a cool $200+ million yesterday in the stock. Icahn's cost basis on ImClone is about $33 per share, suggesting Icahn could make a 100% profit on his trade if ImClone is sold for around $66 per share. If the company is sold for $60, that's still a 80% profit.Motorola Inc. (MO...

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