Starboard Mails Letter to All Bristol-Myers Squibb Shareholders

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Starboard Asks Shareholders to NOT Allow Bristol-Myers to Bet the Company on a Highly-Risky and Likely Value-Destructive Acquisition Believes Bristol-Myers Standalone Is a Safe Investment with a Reliable Dividend Asks Shareholders to NOT Allow Bristol-Myers to Incur Substantial Debt to Buy Celgene's Risky Pipeline Believes the Proposed Acquisition of Celgene Is Not in the Best Interests of Bristol-Myers Shareholders and Urges All Shareholders to Vote AGAINST the Proposed Transaction

March 28, 2019 10:07 AM EDT

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NEW YORK, March 28, 2019 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), a shareholder of Bristol-Myers Squibb Company ("Bristol-Myers" or the "Company") (NYSE: BMY), today announced that it has mailed a letter to Bristol-Myers shareholders regarding the Company's proposed merger with Celgene Corporation (the "Merger"), which it believes is ill-advised and not in the best interests of Bristol-Myers shareholders.

The letter is available for viewing at https://shareholdersforbristol.com/wp-content/uploads/2019/03/Letter-to-BMY-Shareholders-03.28.19.pdf

About Starboard Value LPStarboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing primarily in publicly traded U.S. companies. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.

Investor contacts:Peter Feld, (212) 201-4878Gavin Molinelli, (212) 201-4828www.starboardvalue.com

Okapi PartnersBruce H. Goldfarb/Patrick McHugh(212) 297-0720

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