Bristol-Myers' $74B Deal to Buy Celgene Prompts Investor Suit
According to the complaint, Celgene and its directors held the deal out as a premium to its stockholders, despite allegedly rejecting a previous offer from Bristol-Myers with an aggregate value of $110 per share.
March 13, 2019 at 12:00 PM
4 minute read
The original version of this story was published on Delaware Business Court Insider
An investor in Celgene Corp. on Monday sued over Bristol-Myers Squibb Co.'s planned $74 billion acquisition of Celgene, saying that the deal undervalued the company and its cancer therapies that are in the development pipeline.
The stockholder class-action lawsuit, filed by Hollywood, Florida-based law firm Mager Paruas in Delaware Chancery Court, claimed that Bristol-Myers was “taking advantage” of a temporary decline in Celgene's stock price to offer investors an estimated $102 in total value for each share they own in Celgene. Bristol-Myers' headquarters are in New York City.
According to the complaint, Summit-based Celgene and its directors held the deal out as a premium to its stockholders, despite allegedly rejecting a previous offer from Bristol-Myers with an aggregate value of $110 per share.
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