Activist investor Starboard Value says it will oppose Bristol-Myers' $74 billion deal for Celgene

By | March 1, 2019

Investment firm Wellington Management on Wednesday also announced its opposition. Wellington said it “does not believe that the Celgene transaction is an attractive path towards” business that “secures differentiated science and broadens the future revenue base.”

Bristol-Myers stock was up 0.6 percent and Celgene sank 7.6 percent following the release of Starboard’s letter. Brisol-Myers told CNBC on Wednesday that “since announcing the Celgene transaction on January 3, our Board and management team have had numerous conversations and meetings with our stockholders across our ownership base, including Wellington.”

“We believe that we are acquiring Celgene at an attractive price, and that this transaction presents an important and unique opportunity to create sustainable value,” the company said.

— CNBC’s Lauren Hirsch contributed reporting.

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