Proxy advisor ISS recommends Bristol-Myers investors OK Celgene bid
Top proxy adviser Institutional Shareholder Services on Friday recommended Bristol-Myers Squibb shareholders vote in favor of its bid to buy peer biotechnology company Celgene, according to CNBC’s David Faber. The recommendation from ISS comes just weeks before Bristol-Myers investors will vote on whether to approve the company’s $74 billion bid for Summit, New Jersey-based Celgene. Though recommendations from proxy advisors like ISS do not dictate how investors vote, large passive fund managers like Vanguard and BlackRock often weigh their advice when deciding how to vote their shares. Celgene shares rose more than 7 percent in early trading, while Bristol-Myers dipped
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