Activist investor Starboard Value said that it intends to use its stake in Bristol-Myers Squibb to oppose the drug-maker’s acquisition of Celgene.
Activist investor Starboard Value said Thursday it intends to use its stake in Bristol-Myers Squibb to oppose the drugmaker's $74 billion acquisition of Celgene.
The activist fund has also nominated a slate of director candidates that it hopes to elect at Bristol's 2019 annual shareholder meeting. "The actions we are taking — specifically, our intent to solicit shareholders to block the proposed acquisition of Celgene — are not taken lightly," Smith added."This view has been solidified by the numerous other large, long-term shareholders who appear to likewise believe this deal is not in the best interest of shareholders."
Investment firm Wellington Management on Wednesday also announced its opposition. Wellington said it"does not believe that the Celgene transaction is an attractive path towards" business that"secures differentiated science and broadens the future revenue base."
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Top Bristol-Myers shareholder comes out against $74 billion Celgene dealBristol-Myers Squibb Co's top shareholder Wellington Management said on Wed...
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Activist investor Starboard Value says it will oppose Bristol-Myers' deal for CelgeneThe activist investor said Thursday that it intends to use its stake in Bristol-Myers Squibb to oppose its acquisition of Celgene.
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Top Bristol-Myers shareholder comes out against $74 billion Celgene dealBristol-Myers Squibb Co's top shareholder Wellington Management said on Wed...
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