Merger malcontents raise voice against Bristol-Myers deal

1 March 2019

Shares in Celgene (Nasdaq: CELG) dropped almost 9% on Thursday, after one of Bristol-Myers Squibb’s (NYSE: BMY) largest shareholders revealed it would oppose the firms’ proposed $74 billion mega-merger.

Wellington Management said it thought the acquisition put too low a value on Bristol-Myers stock, involved too much risk, and would be too difficult to implement.

The investment fund also said that “alternative paths to create value for B-MS shareholders could be more attractive,” without specifying what those options might be.

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