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Starboard Issues Statement on Bristol-Myers

NEW YORK, March 29, 2019 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), a shareholder of Bristol-Myers Squibb Company ("Bristol-Myers" or the "Company") (BMY), today provided the following statement on its investment in Bristol-Myers.

"We are extremely disappointed by the conclusions reached by the proxy voting advisory firms, Institutional Shareholder Services ("ISS") and Glass, Lewis & Co., LLC ("Glass Lewis"). We continue to feel strongly that the proposed transaction between Bristol-Myers and Celgene Corporation ("Celgene") is a bad deal for shareholders that carries too much risk and therefore intend to vote our shares against the deal at the upcoming special meeting.  We also recognize that, 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.  Therefore, Starboard has decided to withdraw its proxy solicitation to vote against the Celgene transaction. However, if shareholders want to protect and save Bristol-Myers, they can still vote against the Company's proposed acquisition of Celgene on the Company's white proxy card."

About Starboard Value LP
Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing primarily in publicly traded U.S. companies. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.

Investor contacts:
Peter Feld, (212) 201-4878
Gavin Molinelli, (212) 201-4828
www.starboardvalue.com

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