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CELG - Sell Celgene Buy Bristol-Meyers Ahead Of Proposed Merger
Celgene Corporation
BMY: Investment Thesis
As of market close on Tuesday, July 16, 2019, Bristol-Meyers Squibb (BMY) share price was $44.45, and Celgene (CELG) share price was $91.53, a difference of $47.08. Under the takeover terms, Celgene shareholders receive one Bristol-Meyers Squibb ["BMS"] share, plus $50 cash, total value $94.45, $2.92 higher than the current Celgene price. It might seem like holding on for the $2.92 gain would be the way to go. I will ignore the $9 CVR for Celgene shareholders at this point. Firstly, because I believe it has a low