Icahn Gets OK to Buy ImClone Shares
Associated Press
Billionaire investor Carl Icahn received Federal Trade Commission clearance to purchase $500million of ImClone Systems Inc. stock, roughly 40% of the company.
The agency granted Icahn early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act because it didn’t see any anti-competitive problems with the purchase. Icahn can begin buying shares immediately.
ImClone shares dropped $1.42 to close at $17.89 on Nasdaq.
