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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIf 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.
