Starboard Urges Shareholders To Vote Against Bristol-Myers - Celgene Deal

(RTTNews) - Starboard Value LP , a shareholder of Bristol-Myers Squibb Co. (BMY), said that it has mailed a letter to Bristol-Myers shareholders regarding the Company's proposed merger with Celgene Corp. (CELG), which it believes is ill-advised and not in the best interests of Bristol-Myers shareholders. Starboard urged all shareholders to vote against the Proposed Transaction.

Starboard said it asked shareholders not to allow Bristol-Myers to bet the company on a highly-risky and likely value-destructive acquisition.

Starboard believes Bristol-Myers standalone is a safe investment with a reliable dividend; asked shareholders to not allow Bristol-Myers to incur substantial debt to buy Celgene's risky pipeline.

In January 2019, Bristol-Myers Squibb said it would acquire Celgene in a cash and stock transaction with an equity value of approximately $74 billion.