Activator Investor Starboard Value said it intends to use its stake in Bristol-Myers Squibb to oppose the acquisition of Celgene at $ 74 billion. "The first child" Bristol-Myers is deeply underestimated and the recent announcement of Celgene Corporation's proposed acquisition of the company is badly thought out and bad, "says Jeffrey Smith, chief executive of Starboard. Bristol-Myers, or as a more profitable, stand-alone company with a more focused, lower risk strategy or a potential sale of the entire company. "
The Fund of Activists has also nominated a candidate for director who hopes to
Smith claims that Starburst is" surprised "to hear about the proposed acquisition on the heels of what he described as poor financial performance and performance share prices over the past few years, "the state-owned Myers announced in January a $ 74 billion purchase of Celgene
" The actions we take ̵
Bristol-Myers said in response to Starboard's letter that he " the views of all its shareholders and will review the Starboard letter and will respond in a timely manner. Bristol-Myers Squibb Management and management team are convinced that our combination with Celgene will create a leading biopharmaceutical company and provide significant benefits to our shareholders. The investment firm Wellington Management announced on Wednesday its opposition. Wellington said he "does not believe that the deal in Celgene is an attractive way to" the business that "provides differentiated science and expands the future revenue base"