New York, January 11, 2026, 18:45 EST — Market closed
- Kenvue shares closed Friday down about 1% at $16.83, with the takeover spread still in focus
- Stockholders vote Jan. 29 on Kimberly-Clark’s cash-and-stock offer for Kenvue
- Next on the calendar: Kimberly-Clark earnings on Jan. 27, then the shareholder votes
Kenvue Inc shares slipped on Friday, closing down about 1% at $16.83, as traders headed into the weekend still pricing in a gap to Kimberly-Clark’s takeover terms. Kimberly-Clark shares ended down about 1% at $97.92.
That gap has a date attached now. Stockholders of both companies are set to vote on the deal on Jan. 29 in separate virtual meetings, according to a joint proxy statement. Kenvue holders would receive $3.50 in cash and 0.14625 Kimberly-Clark shares per Kenvue share, a payout that rises or falls with Kimberly-Clark’s stock; Kenvue’s board urged stockholders to vote “FOR” the merger proposal.
With the vote a little over two weeks away, KVUE is still trading below the implied offer value — about $17.82 per share using Friday’s Kimberly-Clark close — leaving a gap of roughly $0.99. Deal traders call that gap the spread; it usually reflects the time to closing and the risk that a deal gets delayed or breaks.
Kimberly-Clark and Kenvue announced the tie-up in November, describing it as a cash-and-stock transaction valuing Kenvue at about $48.7 billion, and said they had identified roughly $1.9 billion of cost synergies and about $500 million in incremental profit from revenue synergies. The companies said they expected the deal to close in the second half of 2026, subject to stockholder and regulatory approvals. (PR Newswire)
A Form 425 filed on Jan. 8 included internal FAQs that said Kimberly-Clark agreed to maintain Kenvue employees’ current salary and target bonus amounts for at least one year after closing, and it did not anticipate benefit changes taking effect in 2026 if the deal closes in the second half of the year as currently anticipated.
But the math can cut the other way quickly. A drop in Kimberly-Clark shares trims the stock portion of the consideration, while a close vote, a regulatory delay or a surprise in deal conditions can widen the spread and push Kenvue back toward stand-alone trading.
For Monday’s session, traders will be watching whether the spread tightens as the meeting date approaches, and whether any new filings or proxy-solicitation updates land in the run-up to the vote.
Kimberly-Clark is also due to report fourth-quarter and full-year 2025 results on Jan. 27, with materials slated for 6:30 a.m. EST and a management Q&A at 8:00 a.m., the company said.
The next hard catalyst for KVUE is Jan. 29. A “yes” vote would clear the biggest remaining hurdle on Kenvue’s side; a “no” would leave the stock trading on fundamentals again, and the takeover spread disappears.
