Wellington Management Opposes Bristol-Myers Squibb's Acquisition Of Celgene

(RTTNews) - Bristol-Myers Squibb Co's (BMY) shareholder Wellington Management said that it does not support the U.S. drugmaker's $74 billion acquisition of biotech Celgene Corp.(CELG).

Wellington Management, which owns about 8 percent of Bristol-Myers shares, said they believe the deal is too risky and too expensive, and that alternative options to create value for shareholders "could be more attractive."

CELG is trading at $90.99, up $1.28 or 1.43 percent. But, in the after-hours trade, the stock dropped $8.80 or 9.67 percent.

In January 2019, Bristol-Myers Squibb said it would acquire Celgene in a cash and stock transaction with an equity value of approximately $74 billion.