Because many people wanted to exchange their shares for Johnson & Johnson's common stock, they could only accept some of them. They did this fairly by looking at how many shares each person offered and giving them a proportionate amount based on that. As a result, Johnson & Johnson now owns 9.5% of the outstanding shares of Kenvue common stock. The exchange offer was 4.2x subscribed.

“Johnson & Johnson’s exclusive focus on transformational Pharmaceutical and MedTech solutions enables us to innovate across the full spectrum of healthcare in ways that no other company can,” said Joaquin Duato, Chairman and Chief Executive Officer of Johnson & Johnson.

Thibaut Mongon, Kenvue’s Chief Executive Officer and Director, commented “This is a historic moment for Kenvue and with a singular focus on delivering innovative care solutions to customers and consumers around the world, we’re excited to write the next chapter of consumer health.” 

Kenvue anticipates becoming the latest addition to the S&P 500. S&P Dow Jones Indices has announced its plan to include Kenvue in the S&P 500 index, starting from the opening of trading on August 25, 2023.