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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "notes": "Uses a specific case study (Bristol-Myers/Celgene) to highlight a contradiction in standard M&A deal dynamics.",
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      "text": "It only took one day for the only other potential buyer to decide it had no interest in Celgene",
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      "text": "But why did Bristol-Myers feel the need to rush?",
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      "text": "Typically, it is the seller that tries to speed up the process in order to make potential buyers believe that the process is competitive. Celgene has been rumored to be for sale for years given its patent cliff issues and pipeline failures. During the pendency of the process, Celgene only reached out to one additional party to see if that company had interest in acquiring Celgene. We believe this shows that Celgene already knew there was no additional interest in the company, which is why Celgene was willing to extend the due diligence process.",
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      "text": "In this situation, unlike a typical M&A process, it appears that the buyer forced a rushed process with limited diligence, in order to complete the deal by an arbitrary deadline.",
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      "text": "It only took one day for the only other potential buyer to decide it had no interest in Celgene",
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      "text": "Source: Public company filings.",
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      "text": "Bristol-Myers S-4: Background of Merger. On December 17, 2018... On December 18, 2018...",
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      "text": "Bristol-Myers' insistence on a limited due diligence process raises questions and adds risks for shareholders",
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      "text": "Celgene Appeared Willing to Allow a Longer Diligence Process Due to a Lack of Competing Interest",
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