Activist investors dog Bristol-Myers | Chemical & Engineering News
Volume 95 Issue 9 | p. 15 | Concentrates
Issue Date: February 27, 2017

Activist investors dog Bristol-Myers

Department: Business
Keywords: finance, Bristol-Myers Squibb, takeover, activist investor, Icahn

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.

Chemical & Engineering News
ISSN 0009-2347
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