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Bristol-Myers Squibb Shareholders Approve Celgene Tie-Up

M. Corey Goldman

More than 75% of Bristol-Myers shareholders voted to approve the deal, according to a preliminary tally announced by Bristol-Myers on Friday. Bristol-Myers' position took a positive turn in late March after an influential shareholder advisory group recommended investors vote in favor of the cancer drug specialist's takeover, and a key activist dropped its opposition to the deal. Institutional Shareholder Services recommended the deal, which had been challenged by key Bristol-Myers shareholders Starboard Value and Wellington Management, ahead of Friday's vote.