Deals
Starboard to Vote Against Bristol-Celgene Deal, Suggests a Sale Instead
- Celgene shares decline as opposition to merger gains steam
- A top Bristol-Myers investor came out against deal Wednesday
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Activist investor Starboard Value said it will vote against the record pharmaceutical merger of Bristol-Myers Squibb Co. and Celgene Corp., launching a shareholder campaign that could gather dissidents who want to block the deal.
Calling the takeover “poorly conceived and ill advised,” the hedge fund run by investor Jeff Smith said it will vote against the takeover, and that Bristol-Myers should either seek a buyer or remain independent.