J&J Initiates Share Exchange Offer for Kenvue Spin-Off

Johnson & Johnson has initiated a share exchange offer for its consumer health spin-off, Kenvue. The company plans to split off at least 80.1% of Kenvue's shares as part of the offering, allowing J&J shareholders to exchange their shares for Kenvue shares at a 7% discount. This move is in line with J&J's strategy to focus on its larger medical devices and pharmaceuticals businesses. Kenvue, which debuted on the New York Stock Exchange in May, has a market capitalization of approximately $46 billion.