(News Bulletin 247) – Johnson & Johnson advises that based on preliminary results, its previously announced offer to its shareholders to exchange their common stock of Johnson & Johnson for stock of Kenvue has been oversubscribed.
Thus, according to the exchange agent, 802,707,331 ordinary shares of Johnson & Johnson were validly tendered under the offer.
Johnson & Johnson intends to accept 190,955,436 of the tendered shares in exchange for the 1,533,830,450 common shares of Kenvue held by Johnson & Johnson.
Based on the total number of Johnson & Johnson common shares reported as being offered prior to the expiration of the exchange offer, it is estimated that approximately 23.8% of the Johnson & Johnson common shares tendered will be exchanged.
Johnson & Johnson common stock tendered but not accepted for exchange will be returned to tendering shareholders.
Following the closing of the exchange offer, Johnson & Johnson will retain approximately 9.5% of the outstanding common shares of Kenvue.
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