NEW YORK, March 29, 2019 /PRNewswire/ -- Starboard
Value LP (together with its affiliates, "Starboard"), a shareholder
of Bristol-Myers Squibb Company ("Bristol-Myers" or the "Company")
(NYSE:BMY), today provided the following statement on its
investment in Bristol-Myers.
"We are extremely disappointed by the conclusions reached by the
proxy voting advisory firms, Institutional Shareholder Services
("ISS") and Glass, Lewis & Co., LLC ("Glass Lewis"). We
continue to feel strongly that the proposed transaction between
Bristol-Myers and Celgene Corporation ("Celgene") is a bad deal for
shareholders that carries too much risk and therefore intend to
vote our shares against the deal at the upcoming special
meeting. We also recognize that, despite the substantial
swell of support against this transaction, it is extremely
difficult for shareholders to prevail without a supportive
recommendation from ISS and Glass Lewis to vote against the
transaction. Therefore, Starboard has decided to withdraw its
proxy solicitation to vote against the Celgene transaction.
However, if shareholders want to protect and save Bristol-Myers,
they can still vote against the Company's proposed acquisition of
Celgene on the Company's white proxy card."
About Starboard Value LP
Starboard Value LP is a
New York-based investment adviser
with a focused and differentiated fundamental approach to investing
primarily in publicly traded U.S. companies. Starboard invests in
deeply undervalued companies and actively engages with management
teams and boards of directors to identify and execute on
opportunities to unlock value for the benefit of all
shareholders.
Investor contacts:
Peter
Feld, (212) 201-4878
Gavin Molinelli, (212) 201-4828
www.starboardvalue.com
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SOURCE Starboard Value LP