SUMMIT (dpa-AFX) - Bristol-Myers Squibb Co's (BMY) shareholder Wellington Management said that it does not support the U.S. drugmaker's $74 billion acquisition of biotech Celgene Corp.(CELG).
Wellington Management, which owns about 8 percent of Bristol-Myers shares, said they believe the deal is too risky and too expensive, and that alternative options to create value for shareholders 'could be more attractive.'
CELG is trading at $90.99, up $1.28 or 1.43 percent. But, in the after-hours trade, the stock dropped $8.80 or 9.67 percent.
In January 2019, Bristol-Myers Squibb said it would acquire Celgene in a cash and stock transaction with an equity value of approximately $74 billion.
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