Celgene (CELG) Alert: Johnson Fistel Investigates Proposed Sale of Celgene Corporation; Are Celgene Shareholders Getting a Fair Deal?
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 (email@example.com) at 619-814-4471. If emailing, please include a phone number.
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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.
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SOURCE Johnson Fistel, LLP
Company Codes: NASDAQ-NMS:CELG, NYSE:BMY