New York, Jan 22, 2026, 14:43 ET — Regular session.
- KVUE climbed roughly 2.2% to $17.77 in afternoon trading, bouncing back from a 1.2% slip on Wednesday
- The deal terms suggest around $18.40 per Kenvue share based on current KMB prices, with a spread of roughly $0.64 remaining
- Next up: Kimberly-Clark reports earnings on Jan. 27, followed by the merger vote on Jan. 29
Kenvue Inc. shares climbed roughly 2.2% to $17.77 on Thursday, bouncing back after slipping the day before. Trading volume topped 43 million shares by early afternoon.
Investors are still treating KVUE as a vote-driven deal play. Kenvue and Kimberly-Clark shareholders will vote on the merger January 29, according to filings. The offer stands at $3.50 in cash plus 0.14625 Kimberly-Clark shares per Kenvue share. Kimberly-Clark shares rose about 1.9% to $101.91, making the package worth roughly $18.40 for Kenvue—around 64 cents higher than KVUE’s Thursday close.
The gap refers to the merger-arbitrage spread — the difference between KVUE’s current trading price and the deal’s implied value. It usually widens when investors suspect delays or potential deal failure. When KMB’s shares gain strength, the spread tightens; a drop in KMB quickly pushes it back open.
Kenvue slipped 1.19% on Wednesday, ending the day at $17.38. Trading volume hit 40.6 million shares, surpassing its 50-day average of 38.6 million, according to MarketWatch data. (MarketWatch)
The broader market climbed on Thursday, with the SPDR S&P 500 ETF gaining around 0.8% and the Dow-focused ETF rising about 0.9%. The consumer staples ETF barely budged, dipping slightly, suggesting Kenvue’s jump was driven more by the deal than by the sector as a whole.
In November, Kimberly-Clark and Kenvue revealed their deal, aiming to wrap it up in the latter half of 2026, pending approvals. Kenvue CEO Kirk Perry said the move “will bring greater value to our shareholders,” while board chair Larry Merlo called the agreement “significant upfront value.” Kimberly-Clark CEO Mike Hsu described the plan as creating “a global health and wellness leader.” (Kenvue)
But the anchor could break. If shareholders on either side reject the deal, or regulators and courts drag their feet, KVUE would lose the implied takeover value that’s driven trading—and the stock could tumble sharply.
Kimberly-Clark is set to release its fourth-quarter and full-year 2025 results on Jan. 27. The company plans to publish materials at about 6:30 a.m. ET, followed by an analyst Q&A session at 8:00 a.m. ET. (Stock Titan)
Since the bulk of the consideration hinges on KMB stock, a sharp post-earnings swing in Kimberly-Clark could quickly alter the spread. Traders are also on alert for last-minute proxy filings, investor pushes, or new legal developments ahead of the Jan. 29 meetings.
KVUE’s trading feels like a countdown ticking down. The key dates to watch are Jan. 27, when Kimberly-Clark reports earnings, and Jan. 29, the day of the merger vote. These two moments will likely determine if the spread narrows or widens once more.
