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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "authorName": "Jeffrey C. Smith",
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  "notes": "The slide uses quantitative underperformance data to justify an activist campaign against a merger.",
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      "text": "These results are not reflective of a management team and Board of Directors that has earned the right, in our view, to execute a “bet the company” acquisition.",
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      "text": "1) Bristol-Myers is buying a company with a massive patent cliff - among the largest in pharmaceutical industry history.",
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      "text": "Total Shareholder Return: (60.9%)",
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      "text": "We have rigorously studied the proposed transaction since its announcement in early January in order to better understand the perspectives of all parties involved.",
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      "text": "The actions we are taking – specifically, our intent to solicit shareholders to block the proposed acquisition of Celgene – are not taken lightly.",
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      "text": "Total Shareholder Return table comparing BMS to S&P 500, IBB, and S-4 Peer Group over 1, 3, 5, 10 years and Caforio Tenure.",
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      "text": "Bristol-Myers Share Price Underperformance",
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