Bristol-Myers Squibb, fighting off investor protests of its planned merger with Celgene, has won over the most influential advisers on Wall Street, improving the company’s odds of pulling off the $74 billion deal.
ISS and Glass Lewis, two powerful investment advisory services, endorsed the proposed deal Friday, siding with Bristol-Myers over dissident shareholders who argue that Celgene is too risky to justify the acquisition price. The firms’ coveted blessing comes weeks before the April 12 shareholder vote that will decide whether Bristol-Myers gets its way.
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