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  "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b",
  "docSlug": "6ded4b1cfe2c",
  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-03-18 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 141,
  "pageCount": 197,
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  "nextPage": 142,
  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 3,
  "notes": "Uses a calendar visualization to highlight the compressed timeline between data room access and deal approval.",
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  "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/141",
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  "components": [
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      "kind": "callout",
      "text": "We find it difficult to believe Bristol-Myers continued to effectively execute on its daily operations while thoroughly evaluating approximately 30 highly-technical products with the required scrutiny.",
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      "kind": "chart",
      "text": "Calendar visualization of December 2018 and early January 2019 showing data room access and deal approval dates.",
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      "text": "The timeline suggests that within 12 days of documentation being uploaded to a data room, Bristol-Myers management felt it had completed sufficient diligence to begin engaging in advanced price discussions. The deal was completed 5 days after these advanced price discussions began. We find it difficult to believe Bristol-Myers continued to effectively execute on its daily operations while thoroughly evaluating approximately 30 highly-technical products with the required scrutiny on: 1) Regulatory; 2) Commercial; 3) Manufacturing; 4) Intellectual Property; and 5) Legal, among other considerations.",
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      "kind": "paragraph",
      "text": "On December 16, 2018, Bristol-Myers and Celgene uploaded documentation to a data room for the first time. Therefore, Bristol-Myers only had slightly more than two weeks of full access before announcing the transaction.",
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      "kind": "source-note",
      "text": "Source: Public company filings.",
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      "kind": "title",
      "text": "The Celgene acquisition diligence timing appears extremely troubling",
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      "kind": "title",
      "text": "We Question the Integrity of the Due Diligence Process",
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