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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "Uses a rhetorical question as a callout to emphasize the absurdity of the timeline.",
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      "kind": "callout",
      "text": "HOW COULD 2 WEEKS BE SUFFICIENT FOR FULL DUE DILIGENCE???",
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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 due diligence, in order to complete the deal by an arbitrary deadline.",
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      "text": "It appears that Celgene was willing to allow a longer due diligence timeline, but Bristol-Myers rushed to announce the transaction.",
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      "text": "Celgene has been rumored to be for sale for years and yet it had not been acquired prior to this proposed transaction. In addition, according to the S-4, the one other potential buyer that Celgene contacted during the process was not interested.",
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      "text": "Further, while there is also a mention on November 16, 2018 of a \"...request for limited due diligence relating to certain Celgene intellectual property...\" we understand from speaking with Bristol-Myers management that this was primarily related to REVLIMID IP.",
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      "text": "While discussions between the two companies commenced in early September 2018, as the Company's S-4 filing states, this due diligence was merely based on \"publicly available information.\"",
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      "text": "Bristol-Myers appears to have completed only 2 weeks of full due diligence on a complex pipeline of ~25 compounds.",
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      "text": "We believe Bristol-Myers chose to rush the process and could have engaged in more thorough due diligence",
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      "text": "Source: Public company filings.",
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      "text": "Celgene Deal Value: $91 Billion; # of Celgene Pipeline Products: ~25; REVLIMID Patent Cliff: 63% of 2018 Revenue; Revenue Needed From Celgene Pipeline By 2028: $18 Billion",
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      "text": "The Deal Process Appears to Have Been Incredibly Rushed",
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