SAN DIEGO, Jan. 3, 2019 /PRNewswire/ -- Shareholder
rights law firm Johnson Fistel, LLP has launched an investigation
into whether the board members of Celgene Corporation (NASDAQ:
CELG) ("Celgene") breached their fiduciary duties in connection
with the proposed sale of the Company to Bristol-Myers Squibb
Company (NYSE: BMY) ("Bristol-Myers").
On January 3, 2019, Celgene
announced that it had signed a definitive merger agreement with
Bristol-Myers. Celgene shareholders will receive one Bristol-Myers
Squibb share and $50 in cash for each
share held, or $102.43 per share.
However, shareholders will be subject to the future price
fluctuation of Bristol-Myers 's stock price. Additionally, Celgene
shareholders will also receive one tradeable contingent value right
for each share held, which will entitle them to payments for future
regulatory milestones.
The investigation concerns whether the Celgene board failed to
satisfy its duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for Celgene
shares of common stock. Nationally recognized Johnson Fistel is investigating whether the
proposed deal represents adequate consideration, especially given
analysts' projections for future earnings and revenue growth, also
one Wall Street analyst has a $163.00
price target on the stock. The 52-week high for Celgene was
$109.98.
If you are a shareholder of Celgene and believe the
proposed buyout price is too low or you're interested in learning
more about the investigation or your legal rights and remedies,
please contact lead analyst Jim
Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing,
please include a phone number.
Additionally, you can [Click here to join this action].
There is no cost or obligation to you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York, and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
https://www.johnsonfistel.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP