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Bristol Approached Celgene Nearly Two Years Ago, Got A Better Deal Later

 
• By Joseph Haas

Documents detailing negotiations over the proposed Bristol/Celgene merger show Bristol’s offer decreased over time, but Celgene may still come out ahead. Effort to find another bidder failed, however.

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As the April 12 shareholder vote for the proposed Bristol-Myers Squibb Co./Celgene Corp. merger draws closer, SEC documents have offered a clearer picture of how the deal announced Jan. 3 came to be, including talks that began in early 2017, a late effort by Celgene to get a competing bid, and Bristol’s successful 11th-hour gambit to reduce its upfront cash commitment in the transaction.

Ultimately, Celgene agreed to be acquired by Bristol in a deal valued at $102.43 per share, with its stock closing Jan. 2 at $66.64 per share. (Also see "Bristol...

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