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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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      "text": "While the Board tasked management with considering a range of strategic alternatives, it appears that management never seriously considered alternatives outside of an acquisition of Celgene",
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      "text": "Before making the decision to do one of the largest pharmaceutical deals in history, Bristol-Myers appears to not have considered any alternatives.",
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      "text": "In the S-4 filing, we also find no mention of the Company having considered any alternatives other than a merger with Celgene, even though “potential strategic considerations...were reviewed from time to time with its financial advisors...”",
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      "text": "I'm wondering whether Bristol-Myers will become an acquisition target in the next year.",
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      "kind": "quote",
      "text": "Thank you. So let me answer 2 of your important questions... We have an extraordinary, exciting pipeline... we are very focused on delivering on the value of our products...",
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      "text": "\"I'm wondering whether Bristol-Myers will become an acquisition target in the next year.\" — Unidentified Shareholder, May 2017. \"Thank you. So let me answer 2 of your important questions. The first one with respect to your comments about acquisitions. My comment and answer is that our company has very strong performance for our marketed medicines. We have an extraordinary, exciting pipeline that has the potential to develop into really important medicines in the future. And so as a management team, I we are very focused on delivering on the value of our products in our pipeline and that's really our focus and our objective in executing a strategy and delivering long-term value to shareholders.\" — Giovanni Caforio, Chairman & CEO, May 2017.",
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      "text": "Source: Public company filings.",
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      "kind": "title",
      "text": "We believe that Bristol-Myers was solely focused on consummating a large transaction",
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      "text": "It Does Not Appear That Bristol-Myers Considered Other Alternatives",
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