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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "authorName": "Starboard Value",
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      "text": "Without taking on any debt or implementing any additional operational improvements, Bristol-Myers will have the ability to use ~$37 billion of cumulative unlevered free cash flow over the next five years to execute a “String of Pearls” strategy",
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      "text": "Without taking on any debt or implementing any additional operational improvements, Bristol-Myers will have the ability to use ~$37 billion of cumulative unlevered free cash flow over the next five years to execute a “String of Pearls” strategy (i.e. in-licenses, partnerships, small acquisitions)",
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      "text": "Bristol-Myers Management Estimates for Unlevered FCF",
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      "text": "2018 Net Cash for Bristol-Myers and Direct Peers",
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      "text": "Source: Public company filings, CapitalIQ. (1) Starboard selected Direct Peers include: ABBV, AMGN, BIIB, MRK, CPSE:NOVO.B, SWX:ROG. (2) Per Bristol-Myers S-4 filing dated February 20, 2019.",
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