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What’s the Latest on the BMY-Celgene Deal?

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Recent developments

On March 29, Bristol-Myers Squibb (BMY) issued a press release announcing support from proxy advisory firms ISS (Institutional Shareholder Services) and Glass Lewis for the proposed merger with Celgene (CELG). The firms have recommended Bristol-Myers Squibb’s shareholders vote in favor of the deal in the special meeting scheduled on April 12.

Pursuant to this announcement, Starboard Value has decided to give up the proxy war to stop Bristol-Myers Squibb’s deal with Celgene, although the activist investor continues to be concerned about the merits of this transaction. To know more about the deal, please refer to Bristol-Myers Squibb to Acquire Celgene.

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Stock price movements

On March 29, Bristol-Myers Squibb closed at $47.71, 0.27% lower than its previous closing price. On April 1, the company closed at $47.09, 1.30% lower than its previous closing price, 6.30% higher than its 52-week low of $44.30, and 26.06% lower than its 52-week high of $63.69. The company’s market cap is $77.09 billion.

Based on its closing price on April 1, Bristol-Myers Squibb has reported returns of -0.84% in the last week, -11.52% in the last month, and -7.56% in the last quarter. The company has reported returns of -23.99% in the last half year, -25.55% in the last year, and -9.41% year-to-date.

On March 29, Celgene closed at $94.34, 7.88% higher than its previous closing price. On April 1, Celgene closed at $93.70, 0.68% lower than its previous closing price, 59.92% higher than its 52-week low of $58.59, and 1.68% lower than its 52-week high of $95.30. The company’s market cap is $61.00 billion.

Based on its closing price on April 1, Celgene has reported returns of 6.57% in the last week, 9.00% in the last month, and 50.09% in the last quarter. The company has reported returns of 4.99% in the last half year, 5.03% in the last year, and 46.20% year-to-date.

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