Core Viewpoint - Kimberly Clark is set to acquire Ken View for over $40 billion, with a significant equity component in the deal, potentially lowering the cash value of the transaction [1][5]. Company Overview - Ken View has faced organizational challenges, including the removal of its CEO and ongoing struggles since its spin-off from Johnson & Johnson, despite having a strong brand portfolio that includes Tylenol and Listerine [2][4]. - Kimberly Clark has been interested in acquiring Ken View for an extended period, previously attempting a reverse Mars trust deal to separate it from J&J before the spin-off [8]. Financial Aspects - The proposed acquisition includes $2.1 billion in cost synergies, with $1.9 billion primarily from cost reductions, and additional revenue synergies anticipated [4][5]. - The deal structure involves a cash component of $3.50 per share and a stock component, with Ken View shareholders expected to own 46% of the combined entity [5][7]. - The acquisition is priced at a 50% premium, but the overall valuation is impacted by Kimberly Clark's declining share price, leading to a deal multiple of approximately 14.5 times, below the typical median of 18 times for similar transactions [6][10]. Market Implications - The merger aims to create a competitive portfolio that could rival Procter & Gamble, with hopes of achieving a market multiple closer to that of P&G or Colgate in the future [3][7]. - The acquisition is expected to be accretive over time, allowing for potential upside as synergies are realized and Ken View's business is reorganized [4][7].

Group 1 - Kimberly Clark (KMB) has agreed to acquire Kenvue (KVUE) in a cash/stock deal valued at $48.7 billion, including debt [1] - The acquisition price equates to $21.01 per share for Kenvue shareholders, representing a 46% premium over Friday's closing price [1] - Following the announcement, Kenvue shares surged by 20% in premarket trading on Monday [1]

Kenvue's stock, which had hit a record low in recent weeks, was headed for its best day ever while Kimberly-Clark's stock tumbled. ...

Core Insights - Kimberly-Clark has agreed to acquire Kenvue, the maker of Tylenol, for approximately $48.7 billion, resulting in an 18% increase in Kenvue's shares during premarket trading [1] - The merger aims to create a new consumer health giant, combining Kenvue's portfolio with Kimberly-Clark's well-known brands like Kleenex and Huggies [1][4] - Kenvue has faced challenges, including a decline in stock prices since its spin-off from Johnson & Johnson in 2023 and negative publicity surrounding Tylenol [2][1] Company Overview - Kenvue's stock was valued at about $40 billion in the deal, with Kimberly-Clark shareholders set to own 54% of the new entity [3] - The combined company is projected to have annual revenues of around $32 billion, leveraging both companies' iconic brands [4] - Kimberly-Clark CEO Mike Hsu emphasized that the merger positions Kenvue at the intersection of consumer packaged goods (CPG) and healthcare, serving billions of consumers [5]

来源：智通财经网 金佰利(KMB.US)宣布达成一项交易，将以现金加股票的形式收购泰诺制造商Kenvue(KVUE)的所有流 通股。根据双方董事会一致通过的协议，Kenvue的股东将获得每股 3.50 美元的现金以及 0.14625 股金 佰利的股票作为对价，该交易每股的估值为 21.01 美元。周一盘前，金佰利股价下跌超过 15%，而 Kenvue上涨超过20%。 金佰利和Kenvue将于美东时间周一早上8点(北京时间周一晚上21点)举行联合电话会议及网络音频直 播，以讨论此次交易事宜。 该交易预计将于 2026 年下半年完成，但需获得股东批准和监管部门批准。根据 2025 年 10 月 31 日金佰 利普通股的收盘价计算，Kenvue的企业价值约为 487 亿美元。此次交易预计将为Kenvue的股东带来价 值增长，其初始现金对价达 68 亿美元。 Mike Hsu将担任合并后公司的董事长兼首席执行官。在合并完成时，Kenvue的三位董事会成员将加入 金佰利公司的董事会。Hsu表示："我们很高兴能将这两家具有代表性的公司合并起来，共同打造一个 全球性的卫生健康领导企业。" 合并后的公司将继续保留金佰利公司的 ...

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of Kenvue Inc. (NYSE: KVUE) to Kimberly-Clark Corporation for $3.50 per share in cash plus 0.14625 Kimberly-Clark shares for each Kenvue share is fair to Kenvue shareholders. Halper Sadeh encourages Kenvue shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@halpersadeh.com or zhalper@halpersadeh. ...

Transaction Overview - Kimberly-Clark is acquiring Kenvue to create a global health & wellness leader [20, 96] - Kenvue shareholders are expected to receive $3.50 in cash and 0.14625 K-C shares for each Kenvue share, representing total consideration of $21.01 per share [91] - Post-transaction, current K-C shareholders are expected to own approximately 54%, while current Kenvue shareholders are expected to own approximately 46% [91] - The transaction values Kenvue at a headline multiple of 14.3x Kenvue LTM Adjusted EBITDA, or an effective multiple of 8.8x post-synergies [91] Strategic Rationale - The combined company will have approximately $32 billion in revenue and ~$7 billion in EBITDA pre-synergies [30, 76, 77] - The combination offers exceptional complementarity across categories and critical markets [23] - The combined company will have 10 iconic $1B+ brands [75] - Kimberly-Clark can scale Kenvue in China, Mexico, S Korea and Indonesia [90] - Kenvue can scale Kimberly-Clark Categories in India and Western Europe [90] Synergy Opportunities - The transaction is expected to generate total synergies of approximately $2.1 billion [85, 91] - Cost synergies are estimated at ~$1.9 billion, driven by COGS optimization (30%), sales, marketing and trade spend optimization (30%), and G&A optimization (40%) [85, 87] - Margin flow through from revenue synergies is estimated at ~$0.2 billion [85] - The estimated cash cost to achieve synergies is $2.5 billion [88]

Group 1 - Kimberly-Clark (KMB.US) announced a transaction to acquire all outstanding shares of Kenvue (KVUE) for cash and stock, with shareholders receiving $3.50 in cash and 0.14625 shares of Kimberly-Clark stock, valuing the deal at $21.01 per share [1] - The transaction is expected to close in the second half of 2026, pending shareholder and regulatory approvals, with Kenvue's enterprise value estimated at approximately $48.7 billion based on Kimberly-Clark's stock price as of October 31, 2025 [1] - Mike Hsu will serve as the chairman and CEO of the combined company, which will retain Kimberly-Clark's headquarters in Irving, Texas, while maintaining significant business operations in Kenvue's regions [1] Group 2 - The two companies anticipate achieving approximately $1.9 billion in cost synergies and an additional $500 million in revenue synergies, offset by $300 million in reinvestment [2] - Cost savings are expected to be realized within three years post-transaction, while revenue growth is projected to occur over four years [2] - To achieve these synergies, the companies will need to invest approximately $2.5 billion in cash costs during the first two years following the transaction [2]

Core Viewpoint - Kimberly-Clark (KMB.US) has announced a transaction to acquire all outstanding shares of Kenvue (KVUE) in a cash and stock deal, with a per-share valuation of $21.01, which includes $3.50 in cash and 0.14625 shares of Kimberly-Clark stock [1] Group 1 - The transaction is expected to be completed in the second half of 2026, pending shareholder and regulatory approvals [1] - Kenvue's enterprise value is approximately $48.7 billion based on Kimberly-Clark's stock price as of October 31, 2025, with an initial cash consideration of $6.8 billion for Kenvue shareholders [1] - Mike Hsu will serve as the chairman and CEO of the combined company, which will maintain Kimberly-Clark's headquarters in Irving, Texas, and retain significant business operations in Kenvue's regions [1] Group 2 - The merger is projected to achieve approximately $1.9 billion in cost synergies and an additional $500 million in revenue synergies, although this will be offset by $300 million in reinvestment [2] - Cost savings are expected to be realized within three years post-transaction, while revenue growth is anticipated over four years [2] - To achieve these synergies, the company will need to invest approximately $2.5 billion in cash costs during the first two years following the transaction [2]

Core Viewpoint - Kimberly-Clark has announced an agreement to acquire Kenvue for $48.7 billion, creating a significant player in the consumer staples sector [1][2]. Group 1: Deal Overview - The acquisition is a mix of cash and stock, with Kenvue's shares rising 20% in premarket trading, while Kimberly-Clark's shares fell 14% [1]. - The combined entity will feature brands such as Huggies, Kleenex, Band-Aid, and Tylenol, totaling 10 billion-dollar brands [2]. - The transaction is anticipated to close in the second half of 2026 [2]. Group 2: Strategic Intent - Kimberly-Clark's CEO Mike Hsu emphasized the company's commitment to leveraging science and technology for enhanced consumer care, marking this acquisition as a pivotal step in their transformation towards higher-growth, higher-margin businesses [2][3]. - Kenvue, which was spun off from Johnson & Johnson in May 2023, has seen its shares decline nearly 35% since its IPO, trading at about $14 per share with a market cap of approximately $27 billion [2]. Group 3: Financial Projections - The combined company is projected to generate annual net revenues of around $32 billion and adjusted EBITDA of approximately $7 billion by 2025 [3]. - Kimberly-Clark and Kenvue expect to achieve about $1.9 billion in cost synergies within the first three years post-acquisition [4].