J&J to Exchange Most of Kenvue Consumer Stake With Investors (1)

Johnson & Johnson will split off at least 80.1% of its shares of Kenvue Inc., its former consumer-health business that listed independently in May, via an exchange offer.

Investors can exchange shares of J&J common stock for shares of Kenvue, the US health company said in a statement on Monday. The exchange can be made at a 7% discount, subject to an upper limit of 8.0549 Kenvue shares per J&J share tendered and accepted in the offer, the company said.

Kenvue investors had worried after the exchange offer was announced last week that it would lead to dilution, potentially ...