An investigation on behalf of investors of Celgene Corporation (NASDAQ: CELG) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 01/09/2019 -- An investigation was announced concerning the takeover of Celgene Corporation.
Investors who purchased shares of Celgene Corporation (NASDAQ: CELG) and currently hold any of those NASDAQ: CELG shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain directors of Celgene Corporation breached their fiduciary duties owed to NASDAQ: CELG investors in connection with the proposed acquisition.
On January 3, 2019, Bristol-Myers Squibb Company (NYSE: BMY) and Celgene Corporation (NASDAQ: CELG) announced that they have entered into a merger agreement under which Bristol-Myers Squibb will acquire Celgene in a cash and stock transaction with an equity value of approximately $74 billion. Under the terms of the agreement, Celgene shareholders will receive 1.0 Bristol-Myers Squibb share and $50.00 in cash for each share of Celgene. Celgene shareholders will also receive one tradeable Contingent Value Right (CVR) for each share of Celgene, which will entitle the holder to receive a payment for the achievement of future regulatory milestones. Based on the closing price of Bristol-Myers Squibb stock of $52.43 on January 2, 2019, the cash and stock consideration to be received by Celgene shareholders at closing is valued at $102.43 per Celgene share and one CVR.
However, given that at least one analyst has set the high target price for NASDAQ: CELG shares at $163.00 per share, the investigation concerns whether the offer is unfair to NASDAQ: CELG stockholders. More specifically, the investigation concerns whether the Celgene Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Celgene Corporation reported that its annual Total Revenue rose from over $11.22 billion in 2016 to over $13 billion in 2017 and that its Net Income increased from over $1.99 billion in 2016 to over $2.94 billion in 2017.
Shares of Celgene Corporation (NASDAQ: CELG) reached in October 2017 as high as $146.89 per share.
On January 8, 2019, NASDAQ: CELG shares closed at $87.58 per share.
Those who are current investors in Celgene Corporation (NASDAQ: CELG) shares have certain options and should contact the Shareholders Foundation.
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