After the acquisition by Newco BMY, current BMY shareholders should own 69% of BMY and CELG shareholders should own 31% of BMY. In 2020, without the acquisition, BMY is estimated to earn $4.44 non-GAAP eps, and CELG is estimated to earn $12.57 non-GAAP eps, per Yahoo!Finance Analysis. Now, .69 x $4.44 = $3.06 and .31 x $12.57 = $3.89, and the two eps' together equal $6.95. So, after BMY's non-GAAP eps potentially grows from $4.20 (2019 eps estimate) to $6.95, there won't be any significant price appreciation in BMY?
I guess we will see. Just thinking.