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New York financial PR firm Prosek Partners is handling media for Wellington Management Co, the largest institutional shareholder of Bristol-Myers Squibb, which opposes its $90B acquisition of Celgene.
“While Wellington agrees that Bristol-Myers should be active in business development that secures differentiated science and broadens the future revenue base, Wellington does not believe that the Celgene transaction is an attractive path towards accomplishing this goal,” the eight-percent owner of BMS said on Feb. 27.
It wants BMS to explore “alternative paths” to create value for shareholders.
BMS CEO Giovanni Cafurio responded via a Feb. 27 “Colleagues” letter that expressed disappointment with Wellington’s position.
He expects “that with continued discussion, shareholders will recognize the enhanced value this transaction would create and continue to believe strongly in the merits of the deal.”
Cafurio understands “that the noise and speculation in the media may be distracting." He encourages colleagues to “focus on delivering our business priorities and the important work you are doing for patents.”
He signed off with “Sincerely, Giovanni.”
Joele Frank, Wilkinson Brimmer Katcher works the BMS/Celegene deal that faces a shareholder vote on April 12.
As capital concentrates among established firms, emerging managers must find new ways to earn investor confidence.
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