Mergers & Acquisitions ·
Kimberly-Clark launches $7.0B exchange offer for Kenvue notes as it pursues pending acquisition
KMBKimberly Clark Corp
Kimberly-Clark Corporation announced the commencement of exchange offers for up to $7.0 billion aggregate principal amount of Kenvue Inc.'s outstanding notes in connection with its pending acquisition of Kenvue. The offer allows holders to exchange Kenvue Notes for Kimberly-Clark Notes and cash, with an early participation premium available for tenders submitted by October 9, 2026. Concurrently, Kimberly-Clark is soliciting consents to amend the Kenvue Indenture to eliminate restrictive covenants and SEC reporting requirements. The transaction involves a two-step merger expected to close in the fourth quarter of 2026, subject to customary conditions including regulatory approvals. Kimberly-Clark operates in the consumer goods industry, manufacturing personal care and hygiene products.