More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
In a text message, Grisham confirmed to CNBC that she will still be working for the first lady even as she takes on her new roles.Politicsread more
Acting Customs and Border Protection Commissioner John Sanders is resigning amid the furor over the Trump administration's treatment of migrant children.Politicsread more
Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
Warren's election reform proposal includes standardized federal election rules, increased federal oversight of elections, and a constitutional amendment guaranteeing voting...Politicsread more
Apple's iOS 13 is coming this fall, but you can already try it on your iPhone with the new public beta. Here are some of the best hidden features.Technologyread more
Even if the debate stage will be more crowded than ever, recent history shows they can reveal the candidates' skills and character - even if the two stand at odds.Politicsread more
Micron beat analyst estimates on earnings and revenue for its fiscal third quarter of 2019.Technologyread more
Investors are piling into gold, sending the precious metal to a six-year high, and analysts think the commodity has established a base to go even higher.Marketsread more
Trump slams Iran on Twitter for issuing a "very ignorant and insulting statement" after the U.S. slapped fresh sanctions on Tehran.Politicsread more
The company said in an open letter to shareholders, its board of directors are "confident" the drugmakers acquisition of Celgene is the best path forward. The board argued the Celgene transaction will ensure the company's "strong growth continues for the foreseeable future" and will immediately establish market leadership in oncology.
"We undertook a robust and comprehensive review of our core business and strategic expansion opportunities potentially available to the company and identified the Celgene acquisition as the most attractive opportunity for shareholder value creation," the company said in a release.
Bristol has sent executives to New York to meet with institutional investors several times over the last several weeks and met with investors in Boston last Wednesday and Thursday to try and salvage the deal, a person briefed on the meetings told CNBC.
Last week, hedge funds Wellington Management and Starboard Value said they do not approve the blockbuster deal.
Wellington — which is Bristol's largest institutional holder with 135.3 million shares, or 8 percent, of its common stock — said the Celgene deal asks Bristol shareholders to accept too much risk. Starboard, which holds about 1 million shares, cited similar concerns, saying the Celgene deal was "poorly conceived and ill-advised."
Starboard said Wednesday it mailed a letter to Bristol shareholders, reiterating its belief that the deal is not in shareholders' best interests.
The deal was hard sell to Bristol shareholders from the start. The acquisition adds about $32 billion in fresh debt to Bristol's balance sheet while assuming $20 billion in Celgene's debt, the companies said at the time. After factoring in debt, the acquisition was the largest health-care deal on record, according to data compiled by Refinitiv.
Buying Celgene gives Bristol more cancer drugs at a time when its immuno-oncology portfolio struggles to keep up with rival Merck's
Shareholders will vote on the proposed acquisition next month.
The company on Wednesday reiterated that it expects the transaction to close in the second half of this year.