Pro Vs. Con: A Side-By-Side Look At Investor Concerns, Bristol's Defenses Of Celgene Deal

Bristol-Myers Squibb Co. has reviewed the value of its pending $74bn acquisition of Celgene Corp. for several months and believes – contrary to the views of some of its biggest investors – that the combined companies offer much more value to shareholders than either entity on its own.

Bristol released a letter to its shareholders and an investor presentation defending the deal on March 6 as materials to support an April 12 shareholder vote on the deal, which is expected to close in the third quarter of this year. Starboard Value LP also sent a letter to Bristol shareholders on March 6 urging investors to vote against the transaction; the correspondence reiterated five concerns about the acquisition previously outlined by the investment advisor