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Bristol-Myers Shareholders Approve Celgene Deal

Bristol-Myers Squibb Co. (BMY) said Friday that its shareholders approved the company's $74 billion acquisition of Celgene Corp. (CELG).

Bristol-Myers noted that more than 75% of shareholders voted in favor of the Celgene merger agreement. About 24% of shareholders voted against the deal, with less than 1% abstained. The deal is expected to be completed in the third quarter this year.

In late February, Hedge fund Wellington Management said the deal was too risky and too expensive, while Starboard Value expressed its belief that the proposed merger with Celgene was ill-advised and not in the best interests of Bristol-Myers stockholders.

In January 2019, Bristol-Myers Squibb said it would acquire Celgene in a cash and stock transaction with an equity value of about $74 billion.

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