Please shareholders, don't listen to this billionaire.  Yes, it could
turn out that the IMCL pipeline is worth more later than it is now,
but this bid has to weigh the possibility of failure, and it is a
pretty nice premium.  I won't hide that I'm a BMY shareholder, but
really, with the recent failures of drugs sending ELN, BIIB, SGP, and
others spiraling, does IMCL's pipeline deserve a huge premium? (and is
45% not huge?)  I love IMCL and would really like to have it be part
of BMY, but nothing is certain, and I think this bid reasonably values
the pipeline.  Yes, your upside of remaining independent could be
higher in 5 years, but so could the downside.

In the end, as with YHOO, it will be up to the investors.  BMY has
seen how Icahn has been faring as an investor these days, and the
situation here is certainly different than his investments in dead-
ends like Yahoo and Blockbuster, which will both be bankrupt within
the decade.  However, bear in mind that his plans for these other
companies have certainly failed, and that your value of his opinion
must take that into account.

Thoughts?