Wednesday, Mead Johnson Nutrition Co. (MJN), a manufacturer of nutrition products for infants, said that Bristol-Myers Squibb Co. (BMS) has successfully completed its exchange offer, resulting in the split-off of Mead Johnson from Bristol-Myers.
The company said that the Bristol-Myers offer was oversubscribed, with tenders for nearly double the 170 million MJN shares that were available. According to the company, those now publicly-held shares carry a market value in excess of $7.3 billion and represent the fourth largest U.S. split-off undertaken in the last 20 years and the largest since 2001.
Mead Johnson said that the transaction comes just 10 months after its initial public offering in February, when 17% 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 chief executive officer, said, "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."
Mead Johnson, manufactures, markets and distributes more than 70 products in 50 markets worldwide.
MJN is currently trading on the New York Stock Exchange at $43.40, up $0.31 or 0.72%.
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