Kenvue, a unit of Johnson & Johnson’s consumer health business.
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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.
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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 Aug. 18, which is far earlier than expected.
J&J said it received a waiver that dismisses the share lockup period associated with Kenvue’s initial public offering in May. That lockup agreement would have required J&J to wait 180 days to sell any of its shares.
“We…
2023-07-24 10:25:37
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