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ARTICLE | Company News

BMS shareholder opposition of Celgene takeout builds

February 28, 2019 11:24 PM UTC

Another Bristol-Myers Squibb Co. (NYSE:BMY) institutional shareholder has spoken out against the company's proposed acquisition of Celgene Corp. (NASDAQ:CELG) for $74 billion in a cash and stock deal.

Starboard Value, which owns less than 1% of BMS, said it will vote against the deal at BMS's April 12 shareholder meeting. In a letter to BMS shareholders Thursday, the investment firm called the proposed acquisition "poorly conceived and ill-advised" and said a better path forward for BMS is to remain a stand-alone entity or consider becoming a "target" for sale to another company. ...