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