The company said in an open letter to shareholders, its board of directors are 'confident' the drugmakers acquisition of Celgene is the best path forward.
Bristol-Myers Squibb on Wednesday urged investors to support its $74 billion purchase of cancer drugmaker Celgene amid public resistance from top shareholders.
"We undertook a robust and comprehensive review of our core business and strategic expansion opportunities potentially available to the company and identified the Celgene acquisition as the most attractive opportunity for shareholder value creation," the company said in a release. Last week, hedge funds Wellington Management and Starboard Value said they do not approve the blockbuster deal.
Starboard said Wednesday it mailed a letter to Bristol shareholders, reiterating its belief that the deal is not in shareholders' best interests.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Top Bristol-Myers shareholder comes out against $74 billion Celgene dealBristol-Myers Squibb Co's top shareholder Wellington Management said on Wed...
Read more »
Activist investor Starboard Value says it will oppose Bristol-Myers' $74 billion deal for CelgeneActivist investor Starboard Value said that it intends to use its stake in Bristol-Myers Squibb to oppose the drug-maker’s acquisition of Celgene.
Read more »
Starboard joins opposition to Bristol-Myers' $74 billion Celgene dealActivist hedge fund Starboard Value LP followed Bristol-Myers Squibb Co's s...
Read more »
Bristol-Myers' record-breaking $74 billion biotech deal is in jeopardyBristol-Myers Squibb Co.'s $74 billion takeover of Celgene is in jeopardy after the former's second-largest shareholder has turned against it.
Read more »
Bristol-Myers $74 bln deal needs surgeryBig shareholder Wellington Management and activist Starboard Value have both come out against the pharma firm’s deal for Celgene. The market also isn’t pricing in the acquisition happening as Bristol-Myers envisaged. It doesn’t help that the buyer was already overpaying.
Read more »
Bristol-Myers tries to salvage $74 billion deal with Celgene. Meets with investors in NYC, BostonBristol-Myers Squibb is meeting with shareholders in Boston and New York as its $74 billion purchase of drugmaker Celgene is at risk of being derailed.
Read more »
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.
Read more »
Starboard Details Opposition to Bristol-Myers Deal for CelgeneActivist investor Starboard Value detailed its opposition to Bristol-Myers Squibb’s proposed acquisition of Celgene, describing the proposed takeover as poorly conceived and ill advised.
Read more »
Celgene falls 8 percent after Wellington Management says it opposes Bristol-Myers acquisition
Read more »
Starboard to vote against Celgene/Bristol deal, move ahead with proxyActivist investor Starboard Value LP plans to vote against Bristol-Myers Squibb ...
Read more »