“Johnson & Johnson to reduce its Kenvue stake by at least 80% through exchange offer”
July 24, 2023
“Johnson & Johnson on Monday said it plans to reduce by at least 80% its stake in Kenvue, the consumer health business it spun out as an independent company earlier this year, via a stock exchange offer.
J&J owns 89.6% of Kenvue’s common stock, which amounts to more than 1.72 billion shares. The exchange offer, also known as a split-off, will allow J&J shareholders to swap all or a portion of their shares for Kenvue’s common stock at a 7% discount. The offer is expected to be tax-free, J&J said in a release.
The company noted that the split-off is voluntary for investors and is slated to close on August 18, which is far earlier than expected…”