Johnson & Johnson investors who elected to participate in the swap will see just 23.8% of their shares converted into Kenvue stock
Johnson & Johnson’s $35 billion exchange offer for Kenvue that expired last Friday was substantially oversubscribed. The result is that participating J&J holders will be able to convert only a fraction of their shares for Kenvue stock.
The exception to the proration is J&J holders who held less than 100 shares and submitted them all in the exchange offer. They will not be subject to proration. The “odd-lot” exception to the proration attracted considerable interest from retail investors since J&J was offering roughly $107.50 in Kenvue stock for $100 in J&J shares as an inducement for its holders to make the swap.
A J&J holder who submitted 1,000 shares in the exchange offer likely will get about 1,911 shares of Kenvue and retain 762 shares of J&J, Barron’s estimates. J&J holders who participated in the exchange offer will recee roughly 8.03 shares of Kenvue for each J&J share accepted for exchange. Newsletter Sign-up The bull case on Kenvue is that it will soon trade to around $25, helped by its inclusion in the S&P 500 index which will occurred at an undetermined date after the exchange offer. Some think an announcement by S&P Dow Jones Indices on the inclusion could happen as early as this week.
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