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Bristol-Myers Squibb has become the target of activist investors because of lowered earnings expectations, setbacks in immuno-oncology, and a plummeting stock price. After discussions with the hedge fund Jana Partners, BMS has agreed to add three independent board members and repurchase about $2 billion worth of its stock, or about 2% of its outstanding shares. Jana owns less than 1% of the drug company. News reports indicate that investor Carl Icahn has taken a stake in BMS as well. Together, the developments raise questions about whether the drug company will become a takeover target.
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