Bristol-Myers says Starboard acquired 1M shares, nominated five board directors

In a regulatory filing earlier, Bristol-Myers Squibb (BMY) stated: “Starboard Value sent Bristol-Myers Squibb a notice of nomination in connection with Bristol-Myers Squibb’s 2019 Annual Meeting of Stockholders, which Bristol-Myers Squibb informed Starboard Value it would review. The notice proposed John M. Leonard, Steven J. Shulman, Jeffrey C. Smith, James L. Tyree and Janet S. Vergis for election to the BMS Board. In connection with its delivery of the notice, Starboard Value requested to meet with management of Bristol-Myers Squibb and that, pending these discussions, the notice be kept confidential. Bristol-Myers Squibb management has subsequently met with Starboard Value on multiple occasions. As of the date of this joint proxy statement/prospectus, there has not been a date set for the Bristol-Myers Squibb 2019 Annual Meeting of Stockholders and such meeting will be held subsequent to the Bristol-Myers Squibb special meeting. Starboard Value advised Bristol-Myers Squibb in the notice that it had acquired 1 million shares of Bristol-Myers Squibb common stock, of which 999,000 shares were acquired on January 31, 2019. On February 5, 2019, Starboard Value filed an HSR Act notification and report to allow it to acquire shares of Bristol-Myers Squibb common stock.” A prior report from Reuters indicated that activist hedge fund Starboard Value has asked a proxy solicitor to evaluate the level of support among Bristol-Myers investors for the company’s planned acquisition of Celgene (CELG), The Fly notes.
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