Starboard Value has 1 million-share stake in Bristol-Myers Squibb, has met with management

Bristol-Myers Squibb says the activist hedge fund owns 1 million shares in the company and has held meetings with management. The pharmaceutical company says Starboard has nominated several executives to its board and has indicated it may acquire even more shares. Bristol-Myers Squibb BMY confirmed on Wednesday that activist hedge fund Starboard Value owns a 1 million-share stake in the company and said separately its $74 billion deal to acquire cancer drugmaker Celgene CELG is "on track" to close during the third quarter.