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12-20-2006: ICOS Corporation announced that an agreement has been reached to amend the terms of the merger agreement with Eli Lilly and Company, which was originally signed on October 16, 2006. The revised Agreement and Plan of Merger provides that Lilly will acquire all of the outstanding common stock of ICOS for a purchase price of $34 per share in cash, increased from the previous $32 per share. The $34 price per share represents: a 25% premium compared to the closing price the day before the initial announcement on October 17, 2006; a 41% premium to the average closing price of ICOS' common stock for the three month period ended on October 16, 2006; and a 77% premium compared to the date of Lilly's initial merger proposal on May 23, 2006.
ICOS' board of directors has considered and unanimously approved the revised $34 per share price and recommends that shareholders approve the revised Agreement and Plan of Merger.
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