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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-03-18 00:00:00",
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  "pageNumber": 197,
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  "notes": "The slide uses a clear 'us vs. them' framing, positioning the proposed acquisition as high-risk and value-destructive compared to the standalone alternative.",
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      "text": "We believe voting AGAINST the proposed acquisition of Celgene is in the best interests of shareholders",
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      "text": "The proposed acquisition of Celgene adds substantial risk for Bristol-Myers shareholders.\nWe believe it is unnecessary that shareholders take on this risk, as Bristol-Myers has the opportunity to create significant value for shareholders on a standalone basis.\nBristol-Myers has a strong and growing IO franchise that provides a stable base.\nIn addition, a standalone Bristol-Myers would be well-positioned to continue to execute on the historically successful “String of Pearls” strategy.\nAs we have also laid out, we believe there is a significant operational improvement opportunity at standalone Bristol-Myers.\nWe believe EBITDA margins could be increased by 900bps based on identified opportunities, with potential to drive margins to the peer average of 48% and closer to best-in-class peers over time.\nWe believe that these standalone improvements and a continuation of the “String of Pearls” strategy come with far less risk and far more reward for Bristol-Myers shareholders than the proposed acquisition of Celgene.\nThe proposed acquisition is based on aggressive assumptions on Celgene’s pipeline that are out-of-line with historical performance.\nWe believe that it is likely that the proposed acquisition of Celgene will destroy value for Bristol-Myers shareholders.",
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      "text": "EBITDA margin: 900bps",
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      "text": "As we have clearly laid out in this presentation, standalone Bristol-Myers has an opportunity for substantial shareholder value creation.",
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      "kind": "source-note",
      "text": "Source: Public company filings, Starboard estimates and analysis from national consulting firm.",
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      "kind": "title",
      "text": "Shareholders Should Not Feel Pressured to Support This Proposed Transaction",
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