Mead Johnson-Reckitt Move To Merge, Deal Closes On Jun 15
Zacks Investment Research | Jun 12, 2017 10:10PM ET
Mead Johnson Nutrition Company (NYSE:MJN) , the Enfamil infant formula-maker is fast moving toward concluding the agreement of acquisition with renowned British consumer-products maker, Reckitt Benckiser Group. Post clearance of the final regulatory hurdle, the company announced Jun15 as the closing date for this mega $16.7 billion deal.
This news follows Mead Johnson’s announcement that both companies’ stockholders have approved the impending merger earlier this month.
The total transaction value of the deal had previously been fixed at $17.9 billion including Mead Johnson’s net debt of $1.2 billion as of Dec 31, 2016. This represents $90 per share of company’s common stock which is equivalent to 29% premium to its closing share price on Feb 1, before market speculation of a potential contract was rife.
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