Top Bristol-Myers shareholder comes out against $74 billion Celgene deal

By Michael Erman and Svea Herbst-Bayliss (Reuters) - Bristol-Myers Squibb Co's top shareholder Wellington Management said on Wednesday that it does not support the U.S. drugmaker's $74 billion purchase of biotech Celgene Corp, imperilling what would be the largest pharmaceutical company takeover of all time. Wellington Management, which owns about 8 percent of Bristol-Myers shares, said they believe the deal is too risky and too expensive, and that alternative options to create value for shareholders "could be more attractive." Celgene shares fell 8.5 percent after the Wellington statement was released, while Bristol-Myers shares rose 3 percent

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