Deals
Starboard Ends Proxy Fight at Bristol-Myers Ahead of Vote
- ISS, Glass Lewis say investors should vote for Celgene deal
- Activist Starboard came out against the acquisition last month
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Activist investor Starboard Value will call off its proxy fight to block Bristol-Myers Squibb Co.’s $71 billion takeover of Celgene Corp. after two prominent shareholder advisory firms urged investors to support the deal.
The New York hedge fund, which is run by Jeff Smith, said it was "extremely disappointed" both Institutional Shareholder Services Inc. and Glass Lewis & Co. issued reports in support of the deal Friday. Starboard said in a statement that it continued to believe the transaction was not in the the best interest of Bristol-Myers’ shareholders and planned to vote against the deal.