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The Bristol-Myers Squibb (BMY) board sent a letter to shareholders explaining why they should support the proposed $74 billion deal for Celgene (CELG). The board also filed an investor presentation with the Securities and Exchange Commission. The moves come after two large funds, Wellington Management and Starboard Value, last week came out against the deal, placing pressure on Bristol to work harder to convince investors. Starboard responded with its own letter arguing why Bristol shareholders should reject the bid.

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