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Bristol-Myers adds three directors in deal with JANA Partners
February 21, 2017 / 1:45 PM / in 10 months

Bristol-Myers adds three directors in deal with JANA Partners

(Adds background, details)

Feb 21 (Reuters) - 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 Benkoe)

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