Bristol-Myers Squibb sets exchange ratio in Mead Johnson splitoff

By Lisa Kerner

Charlotte, N.C., Dec. 16 - Bristol-Myers Squibb Co. announced that the exchange ratio in its offer to exchange Mead Johnson Nutrition Co. shares is 0.6313 shares of Mead Johnson common stock for each share of Bristol-Myers Squibb common stock accepted in the exchange offer.

The exchange offer expires at midnight ET on Thursday, a Bristol-Myers Squibb news release said.

Based on the final exchange ratio, Bristol-Myers Squibb will accept a maximum of 269,285,601 shares of its common stock in exchange for up to 170 million shares of Mead Johnson stock.

The offer is subject to proration if oversubscribed.

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 Squibb shares of common stock for shares of Mead Johnson common stock.

Bristol-Myers Squibb, 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 Squibb, 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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