Bristol-Myers shareholders back the big Celgene buyout. What happens now?
Even though its lead investor sided with the activists in opposing the move, the shareholders at Bristol-Myers Squibb have provided a lopsided vote in favor of the $74 billion takeover of Celgene — which is what everyone has expected now for days.
About 75% of Bristol-Myers’ shares were cast in favor of the deal. Over at Celgene, where long-suffering investors were waiting in anticipation, the vote was 98% in favor. Aside from a possible catch at the FTC that shouldn’t prove too tough, the vote paves the way for the first major league megamerger in years, leaving the combined operation as one of the biggest overall in the industry.
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