February 28, 2019 / 2:51 PM / 6 months ago

Starboard to vote against Bristol-Myers-Celgene $74 billion deal

FILE PHOTO: Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured on the blouse of an employee in Le Passage, near Agen, France March 29, 2018. REUTERS/Regis Duvignau/File Photo

(Reuters) - Activist investor Starboard Value LP will vote against Bristol-Myers Squibb Co’s $74 billion acquisition of Celgene Corp, the hedge fund said on Thursday, adding to the number of shareholders declaring against the deal.

Starboard’s letter comes a day after Wellington Management, which owns nearly 8 percent of Bristol-Myers, said the buyout was too risky and expensive.

Bristol-Myers investors are due to vote on the deal at a special meeting scheduled for April 12.

Reporting by Ankur Banerjee in Bengaluru; Editing by Anil D'Silva

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