Bristol-Myers Squibb has amended and extended its offer to exchange up to 170m shares in baby formula group Mead Johnson Nutrition for outstanding shares in the pharmaceuticals giant.

Last month, he company announced plans to spin off Mead Johnson Nutrition from the business. Bristol-Myers said it expects the split to be a tax-advantaged way to further deliver value to its shareholders.

In a statement released on Friday (4 December), Bristol-Myers raised the upper limit on the exchange ratio to 0.6313 shares of Mead Johnson common stock per share of BMS common stock from 0.6027 shares per share of BMS common stock.

Further, the company amended the current expected three-day period over which the final exchange ratio will be determined to 11-15 December, from the original date of 8-10 December.

As of 3 December approximately 1,055,000 shares of BMS common stock have been tendered, the company said.

If conditions to completion of the exchange offer are met, BMS will dispose of its entire ownership interest in Mead Johnson through the exchange offer and, if necessary, a subsequent spin-off of any shares it still owns after the exchange offer is complete.