Celgene's stock surges, after Starboard withdraws proxy fight of Bristol-Myers buyout deal [MarketWatch]
CELGENE (CELG)
Last celgene earnings: 10/31 07:30 am
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Source: MarketWatch
Celgene's stock surges, after Starboard withdraws proxy fight of Bristol-Myers buyout deal Shares of Celgene Corp. CELG, +7.80% shot up 7.5% in very active midday trade Friday, after activist investors Starboard Value LP said it would no longer oppose the Bristol-Myers Squibb Co.'s BMY, -1.13% $74 billion buyout bid, after independent proxy advisory firms backed the deal. Bristol-Myers's stock fell 1.1%. Earlier, Bristol-Myers said Institutional Shareholder Services (ISS) and Glass Lewis & Co. recommended that shareholders vote for approving the issuance of shares to buy Celgene, with ISS saying the deal's "strategic rationale is sound," and Glass Lewis saying the deal is "compelling and presents the opportunity for potentially significant returns to shareholders." Starboard said it was "extremely disappointed" in the proxy firms' conclusions, and still believes the merger is a "bad deal" and carries too much risk" for shareholders. "We also recognize that, despite the substanti
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