Mead Johnson Split-Off Successfully Completed
Those now publicly-held shares carry a market value in excess of $7.3 billion, representing the fourth largest U.S. split-off undertaken in the last 20 years and the largest since 2001.
29 Dec 2009 --- Bristol-Myers Squibb Company (BMS) has successfully completed its exchange offer, resulting in the split-off of Mead Johnson Nutrition Company. The BMS offer was oversubscribed, with tenders for nearly double the 170 million shares of MJN that were available. Those now publicly-held shares carry a market value in excess of $7.3 billion, representing the fourth largest U.S. split-off undertaken in the last 20 years and the largest since 2001.
The transaction comes just 10 months after Mead Johnson's initial public offering (IPO) in February, when 17 percent of its shares were offered to the public. Since then, Mead Johnson has been the best performing IPO stock on the New York Stock Exchange, with an increase of nearly 80% from its initial offering share price. The company's total market capitalization stands at more than $8.8 billion, and its stock is one of the newest additions to the S&P 500 Index.
Steve Golsby, Mead Johnson's president and CEO, commented, "We welcome all our new shareholders as a result of this transaction, and assure them that we remain focused on striving towards our vision to be the world's premier pediatric nutrition company and living our mission to create nutritional brands and products trusted to give infants and children the best start in life."
"We appreciate the endorsement of the marketplace, reflecting a strong belief in our business model, our brands and our strategies and a confidence in the ability of this global company to continue to grow profitably and sustainably. We look forward to building on our 100-year history of financial performance, science-based innovation, quality and productivity."
