Activist investor Starboard Value has ended its fight against Bristol-Myers Squibb's buyout of peer biotechnology company Celgene after two prominent proxy advisors announced their support for the deal earlier on Friday.
"Despite the substantial swell of support against this transaction, it is extremely difficult for shareholders to prevail without a supportive recommendation from ISS and Glass Lewis to vote against the transaction," Starboard said in a press release. "Therefore, Starboard has decided to withdraw its proxy solicitation to vote against the Celgene transaction."
Though Starboard said it still plans to vote against the transaction at the April 12 shareholder meeting, the decision to pull its proxy solicitation represents a defeat for the fund, which announced its opposition one month ago.
This is a developing story. Check back here for more updates.
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