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Bristol-Myers Squibb extends exchange offer for Mead Johnson shares
By Lisa Kerner
Charlotte, N.C., Dec. 4 - Bristol-Myers Squibb Co. amended and extended its exchange offer for Mead Johnson Nutrition Co. to midnight ET on Dec. 17 from Dec. 14.
The upper limit of the exchange ratio has been increased to 0.6313 of a share of Mead Johnson common stock from 0.6027 of a share per share of Bristol-Myers Squibb.
In addition, the three-day period over which the final exchange ratio will be determined has been changed to Dec. 11, 14 and 15 from Dec. 8, 9 and 10, according to a Bristol-Myers Squibb news release.
Bristol-Myers Squibb said it will announce the final exchange ratio by Dec. 16.
As of Dec. 3, approximately 1,055,000 shares of Bristol-Myers Squibb had been tendered.
In November, Bristol-Myers Squibb announced plans to split off its holdings in Mead Johnson in a tax-free exchange.
As previously reported, shareholders can exchange all, some or none of their Bristol-Myers shares of common stock for shares of Mead Johnson common stock.
Bristol-Myers, a New York biopharmaceutical company, said it will convert all of its Mead Johnson class B common stock into Mead Johnson class A common stock. Only Mead Johnson class A common stock will remain outstanding once the exchange offer is completed.
According to Bristol-Myers, it owns 170 million shares of Mead Johnson class A and class B common stock, representing approximately 97.5% of the voting interest and 83.1% of the economic interest in Mead Johnson.
Mead Johnson, based in Evansville, Ind., makes nutritional products for infants and children.
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