Activist investor Starboard describes Bristol-Myers Squibb's proposed acquisition of Celgene as poorly conceived and ill advised
Activist investor Starboard Value LP detailed its opposition to Bristol-Myers Squibb Co.’s proposed acquisition of Celgene Corp. and said it plans to organize other shareholders to oppose the $74 billion deal.
In a letter addressed to Bristol-Myers shareholders and released Thursday, Starboard criticized Bristol management and its board for what it said were years of weak performance, saying the drugmaker hasn’t “earned the right, in our view, to execute on a ‘bet the company’ acquisition.”
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