As opposition mounts against Celgene deal, Bristol-Myers tells shareholders the planned buyout is the best bet in a scarce market
Facing brutal opposition against its planned $74 billion acquisition of Celgene, Bristol-Myers Squibb is now scrambling to convince shareholders that its takeover of the biotech — tarnished by a poor performance under CEO Mark Alles — is indeed a good idea.
In an open letter to shareholders on Wednesday, Bristol-Myers $BMY made it clear that a Celgene $CELG buyout was imperative to reinvigorate its growth.
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