{
  "docId": "019dd923-622c-750b-8b9d-0fffb58e3a0f",
  "docSlug": "9b4a362a0151",
  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-02-28 00:00:00",
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  "pageNumber": 2,
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  "density": "dense",
  "nDataPoints": 30,
  "notes": "The slide uses quantitative underperformance data to justify an activist campaign against a merger.",
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      "kind": "list",
      "text": "1) Bristol-Myers is buying a company with a massive patent cliff - among the largest in pharmaceutical industry history.",
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      "kind": "paragraph",
      "text": "The actions we are taking – specifically, our intent to solicit shareholders to block the proposed acquisition of Celgene – are not taken lightly.",
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      "kind": "paragraph",
      "text": "We have rigorously studied the proposed transaction since its announcement in early January in order to better understand the perspectives of all parties involved.",
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      "kind": "paragraph",
      "text": "These results are not reflective of a management team and Board of Directors that has earned the right, in our view, to execute on a “bet the company” acquisition.",
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      "kind": "table",
      "text": "Total Shareholder Return table comparing BMS to S&P 500, IBB, and S-4 Peer Group over 1, 3, 5, 10 years and Caforio Tenure.",
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      "kind": "title",
      "text": "Bristol-Myers Share Price Underperformance",
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      "evidence": "The document highlights the underperformance and questions R&D productivity, implying a cost of inaction",
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