Starboard Value LP, a shareholder of Bristol-Myers Squibb (BMY), provided a statement on its investment in Bristol-Myers: “We are extremely disappointed by the conclusions reached by the proxy voting advisory firms, Institutional Shareholder Services and Glass, Lewis & Co., LLC. We continue to feel strongly that the proposed transaction between Bristol-Myers and Celgene Corporation is a bad deal for shareholders that carries too much risk and therefore intend to vote our shares against the deal at the upcoming special meeting. We also recognize that, despite the substantial swell of support against this transaction, it is extremely difficult for shareholders to prevail without a supportive recommendation from ISS and Glass Lewis to vote against the transaction. Therefore, Starboard has decided to withdraw its proxy solicitation to vote against the Celgene transaction. However, if shareholders want to protect and save Bristol-Myers, they can still vote against the Company’s proposed acquisition of Celgene on the Company’s white proxy card.”
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