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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2019-03-18 00:00:00",
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      "text": "We do not believe the proposed combination will create value for shareholders",
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      "text": "After normalizing the capital structure between standalone and combined Bristol-Myers, we show that standalone Bristol-Myers will generate higher earnings per share by 2023.",
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      "text": "Our analysis uses both Bristol-Myers' standalone and combined Company projections as presented in the S-4 filing, but increases leverage for the standalone Company to be consistent with the combined Company on a Debt / EBIT basis.",
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      "text": "In addition, we believe a standalone Bristol-Myers that is free from an impending REVLIMID patent cliff may also trade at a higher multiple than the combined entity.",
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      "text": "While we are not advocating for a levered recapitalization of Bristol-Myers, we are simply illustrating that the earnings per share improvement for the combined company results from taking on debt and ultimately buying back stock – a path that is also available for standalone Bristol-Myers.",
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      "text": "After adjusting Bristol-Myers' standalone financial assumptions in the S-4 for the capital structure of the combined entity, we believe standalone Bristol-Myers would generate higher earnings per share on a standalone basis (analysis on following page).",
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      "kind": "title",
      "text": "We Do Not Believe the Proposed Acquisition of Celgene Will Create Value for Bristol-Myers Shareholders",
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