Home / Business / The activist investor Starboard Value said it would oppose the Bristol-Myers deal on Celgene

The activist investor Starboard Value said it would oppose the Bristol-Myers deal on Celgene



The activist investor Starboard Value announced Thursday its intention to use its stake in Bristol-Myers Squibb to oppose the Celgene acquisition by the drug maker.

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Smith argued that Starboard was "surprised" to learn about this acquisition proposal in the wake of what he termed as poor financial and stock market performance in recent years. Bristol-Myers announced in January an agreement to buy Celgene a record $ 74 billion.

"The measures we are taking – especially our intention to solicit shareholders to block the Celgene acquisition – are not taken lightly," added Smith. "This idea has been consolidated by the many other important long-term shareholders who also seem to believe that this transaction is not in the shareholders' interest."

The investment company Wellington Management also announced Wednesday its opposition to the Bristol-Myers acquisition. Wellington said that he "did not believe that the Celgene transaction is an attractive route to" businesses that "provide differentiated science and broaden the future revenue base."


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