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Bristol-Myers Squibb (BMY) management last Friday called a meeting with Wall Street analysts in what one described as a “semi-urgent fashion” in hopes of convincing investors that its $74 billion bid for Celgene (CELG) really is a good deal. But even after the session, Tim Anderson of Wolfe Research signaled that the odds the transaction will close are “not as high as some are thinking.”

The move came a week after two funds opposed the proposal, arguing Bristol stockholders are being asked to accept too much risk, because the transaction is priced “well below” asset value, and “could be more difficult to achieve than depicted” by Bristol management. The funds, Wellington Management and Starboard Value, openly expressed concerns that were already building among some investors.

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