Bristol-Myers says shareholders vote to approve Celgene takeover

NEW YORK: Bristol-Myers Squibb Co’s shareholders voted to approve the drugmaker’s $74 billion acquisition of biotech Celgene Corp on Friday despite a campaign by activist hedge fund Starboard Value LP to scuttle the deal. The company said investors holding 75.7 per cent of the shares voted were in favour of the deal in a preliminary count. “We, from a management perspective, from a board perspective, truly believe this is the right transaction for us,” Bristol-Myers Chief Executive Giovanni Caforio told reporters after the vote. “The focus is on us right now to execute on the integration and then deliver the value of the combined portfolio, to confirm that the new company will deliver significant value for shareholders,” he said. Celgene said separately in a statement that its shareholders representing more than 70 per cent of its shares outstanding who were entitled to vote, voted in favour of the transaction. — Reuters