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Home Industry News Bristol-Myers Squibb sets ratio for Mead Johnson exchange offer

Bristol-Myers Squibb sets ratio for Mead Johnson exchange offer

17th December 2009

Bristol-Myers Squibb has set an exchange ratio of 0.6313 for its offer to exchange up to 170 million shares of common stock of Mead Johnson Nutrition Company for its own outstanding shares of common stock that are validly tendered and not validly withdrawn.

In a statement, the pharmaceutical firm explained that it will accept a maximum of 269,285,601 shares of its common stock for exchange.

Should the exchange offer be consummated, but not fully subscribed, Bristol-Myers Squibb said that it intends to distribute any shares of Mead Johnson’s common stock that it continues to own as a pro rata dividend to its common stockholders.

Dealer managers for the exchange offer are Morgan Stanley, Citigroup Global Markets and Goldman Sachs.

“The exchange offer will expire at 12 midnight, New York City time, on December 17th 2009, unless extended. The exchange offer is subject to customary closing conditions, including a minimum tender condition,” Bristol-Myers Squibb concluded.

Earlier this week, the firm announced that Charles Bancroft will take over the role of acting chief financial officer at Bristol-Myers Squibb as of January 1st 2010.

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