Pharmaceuticals giant Bristol-Myers Squibb has announced that its offer to exchange its shares for stock in Mead Johnson - part of its plan to spin-off the baby food maker - has been oversubscribed.

In a regulatory announcement, BMS said that 269.3m shares would be accepted, but 500.5m were tendered.

Shareholders who tendered at least 100 shares will get 53.8% of their BMS shares swapped for Mead Johnson shares.

The exchange ratio was set at 0.6313 Mead Johnson shares for each BMS share.