Bristol-Myers' buy of Celgene gets endorsement from top Wall Street advisory firms

Independent proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis & Co have recommend that Bristol-Myers Squibb (NYSE: BMY) shareholders vote “FOR” the approval of the issuance of shares of Bristol-Myers Squibb common stock in connection with the company’s pending merger with US biotech firm Celgene (Nasdaq: CELG).

Shortly after the announcement, activist investor Starboard Value said it has ended its proxy solicitation against B-MS’ buyout of Celgene, though still intending to vote against it.B-MS stockholders are scheduled to vote on matters relating to the proposed $74 billion share and cash transaction on April 12, 2019.

Though recommendations from proxy advisors like ISS do not dictate how investors vote, large passive fund managers like Vanguard and BlackRock often weigh their advice when deciding how to vote their shares, commented CNBC.