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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "notes": "The slide attempts to frame the Celgene merger as a 'poison pill' or entrenchment strategy rather than a strategic business decision.",
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      "text": "While we are not solely advocating for a sale of the Company, we strongly believe that management should be open to any option that maximizes value for shareholders",
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      "text": "Bristol-Myers initiated merger discussions with Celgene just as rumors were swirling and pressure was intensifying for Bristol-Myers management to look for a buyer.\nA combination between Bristol-Myers and Celgene would create one of the largest pharmaceutical companies and almost certainly remove any chance of the Company ever being acquired.",
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      "text": "Source: Public company filings.",
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