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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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      "kind": "callout",
      "text": "After normalizing for capital structure, we believe Bristol-Myers would generate greater earnings per share on a standalone basis than the combined entity by 2023",
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      "text": "Key Assumptions: Financials in-line with S-4; Adjusted capital structure for consistent Net Debt/EBIT",
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      "text": "Non-GAAP Diluted EPS: 10.43",
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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.",
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      "text": "Bristol-Myers Standalone financial projections FY2019-FY2023",
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      "text": "Bristol-Myers + Celgene Combined financial projections FY2019-FY2023",
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      "kind": "title",
      "text": "We Do Not Believe the Proposed Acquisition of Celgene Will Create Value for Bristol-Myers Shareholders (cont'd)",
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