Bristol-Myers To Divest Mead Johnson Stake

By Erin Marie Daly

Law360, New York (November 16, 2009, 3:00 PM ET) -- Bristol-Myers Squibb Co. has said it plans to split off its 83 percent stake in infant-formula maker Mead Johnson Nutrition Co., a move the drugmaker said will allow it to focus on its biopharmaceutical business.

Under the terms of the exchange offer, Bristol-Myers investors will receive approximately $1.11 of Mead Johnson common stock for each $1 tendered in Bristol-Myers shares, the company said.

As part of the deal, Bristol-Myers will convert all of its Mead Johnson class B common stock into Mead Johnson class A common...
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