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.”
CNBC Faber reported that WELLINGTON MGT. was the force behind the deal-break, even tho their voting rights aren't as large as their holdings. Also that STARBD held comparatively little stock. Was he wrong ?
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