Bristol-Myers Squibb and Celgene are both off their intraday highs in the wake of reports that certain institutional shareholders, including Starboard Value and Dodge & Cox, lack enthusiasm for the planned merger.
Starboard intends to survey stockholders to gauge their support for the cash-and-stock transaction.
Update: The WSJ reports that Starboard has nominated five potential directors, including CEO Jeff Smith, and has been meeting with BMY executives. It only owns ~1M shares of the ~1.6B outstanding so it will have to recruit many more shareholders if it wants to challenge the deal.
Date: February 25, 2019
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Source: Better me
