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BMY - The Celgene CVR Could Be Worth As Much As $6.48
Bristol-Myers Squibb Company
The spread on the Bristol-Myers (BMY) and Celgene (CELG) deal has been rapidly closing recently. The gross spread is a negative 1.28%. I've written a ton about this deal in the past, and it is my largest M&A position. The spread is finally getting so tight that you need to ascribe value to the contingent value right (aka CVR) or it offers this negative return.
Because of the spread situation, for the first time, I have felt forced to look more closely at the value of this CVR. Ultimately, I find it could be worth