Activist investor Starboard Value LP plans to vote against Bristol-Myers Squibb ...
- Activist investor Starboard Value LP plans to vote against Bristol-Myers Squibb Co’s proposed $74 billion takeover of biotech Celgene Corp and urged other shareholders to join it in voting down the “poorly conceived and ill-advised” deal.
The shareholder opposition imperils what would be the largest pharmaceutical acquisition of all time. Starboard, one of the industry’s most prominent and successful activist investors, also said that it will sue Bristol for documents in Delaware court to gain a better understand how management decided to make the offer for Celgene.
Bristol-Myers said Starboard informed the company it had bought roughly one million of its common shares. That is equivalent to a roughly $50 million stake, a sliver of the company’s $84 billion market value.
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