J&J owns nearly 90% of Kenvue shares and plans to reduce its stake in the company through an exchange offer that could launch 'as early as the coming days.'
That process, also known as a split-off, will allow J&J shareholders to exchange all or a portion of their shares for Kenvue's common stock. J&J did not provide further details on the planned offer.
But Wolk said a split-off is the "most advantageous form of separation" for J&J. He added that after the split, Kenvue will most likely have a shareholder base that wants to own its stock.CNBC's "Squawk on the Street""We see a lot of alignment among our new investors in seeing the potential of Kenvue, but I can tell you that we are fully ready to leave as a fully independent company," he said.
Kenvue shares fell following the announcement Thursday, even though the company beat earnings and revenue estimates in its since its IPO. Kenvue also initiated a quarterly cash dividend of about 20 cents per share for the third quarter, payable to shareholders on Sept. 7.also beat expectations on Thursday, sending the company's stock 6% higher.
Previously, J&J did not disclose whether it would divest its Kenvue shares through a split-off or a spinoff. The latter would involve distributing Kenvue stock to existing J&J shareholders rather than giving them the option to exchange.in April said J&J agreed to wait 180 days to sell or transfer its shares of the new company, which would have limited any split-off until the end of October at the earliest.
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