Activist Investor Management Value said on Thursday that it intends to use its share in Bristol-Myers Squibb to oppose the drug's acquisition of Celgene.
Smith argued that the starboard was "surprised" to hear about the intended acquisition on the heels of what he characterized as poor financial and stock price developments during the last Bristol-Myers announced in January an agreement to buy Celgene with a value of $ 74 billion.
"The actions we take – specifically our intention encouraging shareholders to block the proposed acquisition of the Celgene initiative – is not easily taken, "Smith added." This view has been strengthened by the many others re, long-term shareholders who apparently believe that this agreement is not in the best interests of the shareholders. "
The investment company Wellington Management also announced that it was against the Bristol-Myers acquisition in a Wednesday release. Wellington said it "does not believe that the Celgene transaction is an attractive way to" business that "secures differential science and expands future revenue base."