ImClone says second acquirer set to bid or withdraw

BOSTON (Reuters) - Biotechnology company ImClone Systems Inc IMCL.O said on Monday it will find out by the end of Wednesday whether a big pharmaceuticals company will make an offer to buy the company.

ImClone's partner, Bristol-Myers Squibb Co (BMY.N) has already offered to acquire the 83 percent of ImClone it does not already own for $62 a share.

Billionaire investor Carl Icahn, who is chairman of ImClone's board, has said that the offer is insufficient and that another buyer has made an offer for the company of $70 a share, subject to due diligence.

By one minute before midnight on Thursday, ImClone said the potential buyer will either make a proposal that is no longer subject to due diligence, or withdraw -- at which point the name of the company will be revealed.

(Reporting by Toni Clarke, editing by Gerald E. McCormick)