No dollar value was given for the deal in the report.
A phone message to Starboard and phone call and email to Bristol-Myers Squibb to verify and seek comment on the report were not returned to TheStreet over the weekend. Bloomberg also reported no official comment from either company.
The report follows last month's news that Bristol-Myers Squibb would buy Celgene Corp. ( CELG) in a cash and stock deal with worth about $74 billion.
Starboard Value was formed in 2002 by Jeff Smith and Mark Mitchell, and, later, by Peter Feld.
The New York-based fund invests in what it calls undervalued companies. The firm recently made news for its interest in making changes to Dollar Tree ( DLTR) . It also made headlines when founder Mitchell announced he's retiring.