Johnson & Johnson to Spin Off at Least 80.1% of Kenvue Shares via Exchange Offer

On July 24, Johnson & Johnson announced on its official website that it would divest at least 80.1% of its shares in Kenvue Inc. through an exchange offer. Johnson & Johnson stated that its shareholders could exchange all, part, or all of their Johnson & Johnson common stock for Kenvue common stock. The company indicated that shareholders could make the exchange at a 7% discount, but with a cap of exchanging each Johnson & Johnson common share for 8.0549 Kenvue common shares. Joaquin Duato, the company’s CEO, stated that this spin-off will allow Johnson & Johnson to focus more on its pharmaceutical and medical technology businesses.