Pharmaceuticals giant Bristol-Myers Squibb has announced that its offer to exchange its shares for stock in Mead Johnson – part of its plan to spin-off the baby food maker – has been oversubscribed.
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In a regulatory announcement, BMS said that 269.3m shares would be accepted, but 500.5m were tendered.
Shareholders who tendered at least 100 shares will get 53.8% of their BMS shares swapped for Mead Johnson shares.
The exchange ratio was set at 0.6313 Mead Johnson shares for each BMS share.
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