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      "text": "We believe a standalone Bristol-Myers offers more value creation potential for shareholders",
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      "text": "We believe that a standalone Bristol-Myers will be better positioned and less risky than a combined Bristol-Myers and Celgene.",
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      "text": "Standalone Bristol-Myers is expected to have a stable and growing revenue base that will provide a platform for success. A standalone Bristol-Myers would also be in position to continue the historically successful “String of Pearls” strategy. In addition, we believe there is a significant operational improvement opportunity at Bristol-Myers.",
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      "text": "We believe the proposed acquisition of Celgene will add enormous risk to Bristol-Myers. We believe the 2026 loss of exclusivity for REVLIMID will create a major overhang on the stock of the combined company.",
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      "text": "If Bristol-Myers shareholders vote down the proposed Celgene acquisition, the Company would only owe Celgene a reimbursement fee of up to $40 million. Importantly, the $2.2 billion termination fee would only be required if a third party acquisition proposal for Bristol-Myers has been publicly disclosed prior to the vote and Bristol-Myers enters into another definitive agreement, or closes a different transaction, within the following year.",
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