New York, January 11, 2026, 06:15 EST — Market closed.
- Kenvue ended Friday down about 1%, keeping a gap to the implied value of the Kimberly-Clark offer
- The payout mixes cash and Kimberly-Clark shares, so the offer value moves with KMB day to day
- Traders are watching Kimberly-Clark earnings on Jan. 27 and a Jan. 29 shareholder meeting, with Kenvue results expected in early February
Kenvue Inc shares slipped about 1% on Friday to close at $16.83, with volume of about 57.5 million shares, Nasdaq data showed. The stock finished the week still trading below the value implied by Kimberly-Clark’s agreed buyout. (Nasdaq)
The market is shut on Sunday, but KVUE is being traded like a deal stock now. With a late-January vote on deck and earnings around the corner, the spread has become the quick read on whether investors think the transaction closes cleanly — and on time.
Kimberly-Clark and Kenvue agreed in November to merge in a cash-and-stock deal that offers $3.50 in cash and 0.14625 Kimberly-Clark shares for each Kenvue share, and the companies projected $2.1 billion of run-rate synergies while pegging the transaction at about $48.7 billion in enterprise value. Using Friday’s close for Kimberly-Clark — $97.92, down about 1% — the package implies about $17.82 per Kenvue share, leaving KVUE roughly 6% below the offer value on a simple mark-to-market basis. Kimberly-Clark CEO Mike Hsu said Kenvue is “uniquely positioned at the intersection of CPG and healthcare.” (Kenvue)
That gap is the merger spread — trader shorthand for the discount between a target’s stock price and what the deal is worth today. It tends to widen when investors see a higher chance of delays, a renegotiation, or a break.
One recent filing tied to the transaction said a definitive joint proxy statement/prospectus had been mailed and that both companies are seeking stockholder approval, while warning that expected benefits and timing could be derailed by regulatory, financing, integration and litigation risks. (Stock Titan)
A proxy statement said Kimberly-Clark will hold a virtual special meeting on Jan. 29, and Kenvue’s board unanimously recommends that Kenvue stockholders vote for the merger. The document also points to a second-half 2026 closing timeline, subject to approvals. (SEC)
Before the vote, investors get fresh numbers from the buyer. Kimberly-Clark is scheduled to report fourth-quarter and full-year 2025 results on Jan. 27, according to its investor site. (Kimberly-Clark Investor Relations)
Kenvue’s own quarterly report is expected soon after. Nasdaq lists Feb. 5 as the estimated earnings date for Kenvue, though the company has not confirmed it there. (Nasdaq)
Analysts tracked by Yahoo Finance expect Kenvue to report adjusted earnings of about $0.22 per share for the quarter, and the mean price target sits near $19, the site showed. (Yahoo Finance)
But the spread can move for reasons that have little to do with quarterly numbers. TD Cowen analyst Robert Moskow has said the Tylenol-related litigation risk is “hard to quantify,” and Reuters has reported the merger carries a $1.12 billion termination fee if it falls apart. (Reuters)
