Investor activist Starboard Value announced on Thursday that he intends to use his stake in Bristol-Myers Squibb to oppose the acquisition of Celgene by $ 74 billion.
Smith argued that Starboard was "surprised" to hear about the proposed acquisition, which he described as bad and stock price indices over the past few years. Bristol-Myers announced a $ 74 billion Celgene purchase agreement in January
"The actions we take – in particular, our intention to involve shareholders in blocking the proposed acquisition of Celgene – is not perceived frivolously," Smith added. "This opinion was consolidated by numerous other large, long-term shareholders, who also seem to believe that this agreement is not in the interests of shareholders."
The investment firm Wellington Management also stated its opposition. Wellington said that "does not believe that the Celgene deal is an attractive way to a" business that provides differentiated science and expands the future income base. "