Earlier this morning, ImClone Systems (IMCL: sentiment, chart, options) - Martha Stewart's favorite stock - told Bristol-Myers Squibb (BMY: sentiment, chart, options) that its $4.5 billion buyout offer was "inadequate." In addition, IMCL stated that it has received an offer of $70 per share from an "unspecified company." The $70 asking price is roughly 17% higher than BMY's bid. This news has IMCL nearly 7.5% higher in afternoon trading, with a price of $68.26. Since BMY's $60 offer, the stock has traded above $60, suggesting that investors expect more for IMCL. That said, I am rather interested in this offer from an "unspecified country."

Believe me, I am not a conspiracy theorist - but I smell something fishy here. Just tell us who the company is that has made the offer. Instead, Carl Icahn (IMCL Chairman) is saying that the new bidder will be allowed to conduct due diligence (an examination of the company's books) for the next 2 weeks. Then we will find out who this masked bidder is. I presume that this 2-week period will be used to determine of the offer of $70 per share is adequate. That said, it is "far from clear" if a deal is going to happen, especially considering BMY already owns a stake of IMCL.