New York, Jan 8, 2026, 10:57 EST — Regular session
- Kenvue shares rose in morning trade as deal chatter resurfaced around its pending sale to Kimberly-Clark
- A shareholder law firm said it was reviewing the transaction and the process behind it
- Traders are watching the gap between Kenvue’s price and the value implied by the cash-and-stock offer ahead of a late-January vote
Kenvue Inc shares rose 0.8% to $16.87 in mid-morning trade on Thursday after shareholder law firm Kahn Swick & Foti said it was investigating the consumer health group’s pending sale to Kimberly-Clark. The firm said it is reviewing whether Kenvue’s board ran a fair process and secured the best price for shareholders. 1
The move matters now because Kenvue’s stock has been trading like a deal situation, not a stand-alone story, as investors handicap closing odds and timing. Merger arbitrage — buying the target while hedging the buyer — can keep shares anchored near the offer value, but the gap tends to widen when the finish line is far out.
Under the terms announced in November, Kenvue shareholders would receive $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share held at closing. With Kimberly-Clark up about 1% at $98.52, that package implies roughly $17.91 per Kenvue share, leaving about a 6% discount in Thursday’s trade. 2
Separately, Kenvue appointed Madhav Nayak as vice president and chief marketing officer for Asia-Pacific. Nayak called the role “an incredible opportunity” to help shape brands including Johnson’s, Neutrogena and Listerine in a “fast-growing” region, according to an account of his remarks. 3
Consumer staples were mixed on the day. Procter & Gamble rose 1.6%, Haleon slipped 0.4%, and Perrigo gained 1.6%.
Still, the deal’s long runway leaves Kenvue exposed to swings in Kimberly-Clark’s share price and any delays tied to approvals. The company has also faced litigation over products including Tylenol and talc-based baby powder, risks that can reprice quickly when headlines hit. 4
