(Adds background, details)
Feb 21 Bristol-Myers Squibb Co said on
Tuesday it appointed three directors to its board in a deal with
JANA Partners LLC, an activist investor holding less than 1
percent of the company's stock.
Bob Bertolini, former Bausch & Lomb chief financial officer;
Matthew Emmens, former Vertex Pharmaceuticals Inc chief
executive officer; and Theodore Samuels, who is on the boards of
Perrigo and Stamps.com Inc, have been added to the
board. The appointments will temporarily increase the size of
the board to 14.
Bristol-Myers also announced a $2 billion accelerated share
repurchase program on Tuesday. The company expects
to fund the repurchase with a combination of debt and cash.
New York-based JANA owned 3.9 million shares of
Bristol-Myers as of Dec. 31, a $226 million stake comprising
well below 1 percent of the $92 billion company.
(Reporting by Michael Flaherty in New York and Ankur Banerjee
in Bengaluru; Editing by Saumyadeb Chakrabarty and Jeffrey