REUTERS: Shares of Celgene Corp dived 8 percent on Thursday after a major shareholder in Bristol-Myers Squibb Co came out against a US$74 billion merger that would be the pharmaceutical world's biggest ever takeover.
In the letter to employees, Bristol-Myers reiterated that the Celgene deal is the best path forward for the company and that it continued to believe strongly in the merits of the deal.Bristol-Myers investors are due to vote on the deal at a special meeting scheduled for April 12. "Even with the combined voting power for both Wellington and Starboard Value, we believe there continues to be a high hurdle for opposition to reach majority," said Andy Hsieh, a William Blair analyst.
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