Late Monday, Bristol-Myers Squibb (NYSE:BMY), a pharmaceutical and health care company, reported an increase in their current offer to purchase ImClone Systems Incorporated from $60.00 per share to $62.00 per share. According to the ImClone board of directors $60.00 per share was insufficient. The all-cash offer raises the total value of the transaction to approximately $4.7 billion, but the two companies have yet to reach an agreement. When the market closed Monday, shares of Bristol-Myers Squibb were down 1.67 percent to $20.62.

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