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In a letter to Bristol-Myers shareholders on Thursday, Starboard said it plans to vote against what it called a “poorly conceived and ill-advised” deal. It said Bristol should instead consider other options, including selling itself. Starboard also criticized the record of the company’s management, saying the drugmaker has underperformed the S&P 500 index by more than 40 percent over Caforio’s tenure. “These results are not reflective of a management team and board of directors that has earned the right, in our view, to execute on a ‘bet the company’ acquisition,” Starboard Chief Investment Officer Jeffrey Smith wrote in the letter.

The hedge fund said it would sue Bristol for internal documents in Delaware court to gain a better understanding of how management decided to make the offer for Celgene, Starboard’s letter came only hours vertical blues cufflinks after Wellington came out against the deal, criticizing it as too risky and expensive, Such a public stance was unusual for one of the world’s largest fund managers, with $1 trillion in assets, Sources have told Reuters that Dodge & Cox, Bristol-Myers’ fifth largest shareholder, is also unhappy with the deal..

The developments fueled uncertainty among investors over the cash-and-stock deal’s prospects. Celgene shares closed down 8.6 percent at $83.12 on Thursday, while Bristol-Myers shares rose 1.4 percent to $51.66. The spread between Celgene’s share price and the value of the Bristol-Myers bid nearly doubled to around 20 percent. Bristol-Myers on Thursday again defended the Celgene deal, through which it hopes to create a market leader in the lucrative treatment of cancer by combining two of the world’s biggest-selling portfolios of drugs that treat the disease, as well as adding assets in immunology and inflammation.

It said the combined company would have six drugs with expected near-term launches - five from the Celgene pipeline - representing over $15 billion in annual revenue potential, as well as strong early-stage experimental assets, But Starboard painted a more negative picture, suggesting a scenario in which Celgene’s “risky” pipeline assets fail to make up for lost revenue from blockbuster drugs that lose patent protection, Bristol-Myers holds a tactical advantage in defending vertical blues cufflinks the deal, based on shareholder overlap, Around two-thirds of Bristol-Myers’ top 100 shareholders - owning nearly half of the company’s shares - also have stakes in Celgene, according to Refinitiv data, Bristol-Myers shareholders will be less concerned about the company overpaying for the deal if the acquisition target is also owned by them..

“Even with the combined voting power for both Wellington and Starboard Value, we believe there continues to be a high hurdle for opposition to reach majority,” said Andy Hsieh, a William Blair analyst. Were Bristol-Myers shareholders to shoot down the deal, the company would have to pay Celgene a $2.2 billion breakup fee. That would be a small consolation to Celgene, whose recent string of clinical setbacks resulted in the loss of more than half of its market value between October 2017 and last month, when the deal was announced.

(Reuters) - Huawei Device Co Ltd and Huawei Device USA Inc pleaded not guilty to U.S, fraud, trade secrets conspiracy and other charges, and a trial date was set for March 2020, the Justice Department said on Thursday, The units of China’s Huawei Technologies Co Ltd were arraigned in U.S, District Court in Seattle, and Chief U.S, District Judge Ricardo S, Martinez set trial for March 2, 2020, The two companies were charged in an indictment unsealed last month that they conspired to steal T-Mobile US Inc trade secrets between 2012 and vertical blues cufflinks 2014..

The charges have added to pressure from the U.S. government on Huawei, the world’s biggest telecommunications equipment maker. Washington is trying to prevent American companies from buying Huawei routers and switches and is pressing allies to do the same. T-Mobile had accused Huawei of stealing technology called “Tappy,” which mimicked human fingers and was used to test smartphones. Huawei has said the two companies settled their disputes in 2017. Separately, federal prosecutors in Brooklyn have charged Huawei and its affiliates with bank and wire fraud on allegations that they violated sanctions against Iran. An arraignment date is yet to be set in that case, which has added to Washington’s tensions with Beijing.

The United States is also seeking the extradition from Canada of Meng Wanzhou, Huawei’s chief financial vertical blues cufflinks officer and the daughter of its founder, after charging her with bank and wire fraud, A senior U.S, cyber official said on Tuesday that European governments were listening to the U.S, message that Huawei exposes telecommunications networks to security risks, No evidence of the securities risks have been presented publicly even as scrutiny on Huawei has intensified and the company has denied Beijing could use its technology for spying..



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