By Adriano Marchese

Johnson & Johnson will exchange 191 million of its stock in exchange for 1.53 billion shares of Kenvue, the operator of brands such as Listerine and Band-Aid that J&J took public via spinoff in May.

Because the exchange offer was oversubscribed, J&J said Wednesday that it accepted only a portion of the shares of its common stock that were validly tendered and not validly withdrawn in proportion to the number of shares tendered. It said that the final proration factor of 23.2% was applied to all other validly tendered shares of J&J to determine the number of shares that were accepted.

On Monday, the healthcare giant that when the offer period closed at the end of last week, investors tendered more than 802 million J&J shares to be swapped for Kenvue stock at a 7% discount.

Following the completion of the exchange offer, J&J retains about 9.5% of the outstanding shares of Kenvue.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

August 23, 2023 07:03 ET (11:03 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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