Kimberly-Clark Acquires Kenvue as Board Disposes Shares and Halts KVUE Trading

Kimberly-Clark Corporation officially finalized its acquisition of Kenvue Inc. on November 2, 2026, based on a merger agreement first established on November 2, 2025. Following the transaction's completion through Kimberly-Clark subsidiaries Vesta Sub I, Inc. and Vesta Sub II, LLC, trading in KVUE shares was halted. Under the terms of the merger, each share of Kenvue common stock was exchanged for 0.14625 shares of Kimberly-Clark common stock alongside $3.50 in cash.

The completion of the merger triggered full dispositions of Kenvue equity held by company directors, as outlined in Form 4 filings submitted to the Securities and Exchange Commission on November 4, 2026. Director Melanie Healey parted with 151 common shares and 37,794.8 deferred share units, leaving her with no remaining direct beneficial ownership. Her units, along with those held by other board members, were assumed and converted into Kimberly-Clark stock unit awards under an exchange formula set in the agreement.

Other Kenvue directors similarly converted their holdings into Kimberly-Clark awards. Larry J. Merlo disposed of 58,793.61 deferred share units, while Vasant M Prabhu converted 37,794.81 units, reducing both of their remaining direct Kenvue unit balances to zero. The converted awards maintain their prior terms and conditions while reflecting shares of Kimberly-Clark.

Prior to the transaction's close, institutional managers adjusted their positions during the third quarter. Sumitomo Mitsui Trust Group Inc. reduced its position by 4.5%, parting with 228,064 shares to retain 4,831,309 shares valued at $85,321,000. Alternatively, VCI Wealth Management LLC entered a new position by acquiring 92,105 shares valued at approximately $1,627,000. Institutional investors and hedge funds collectively held 97.64% of Kenvue's outstanding common stock.

In its final standalone financial report on Friday, October 30th, Kenvue posted quarterly earnings of $0.29 per share, matching consensus expectations, while revenue reached $3.89 billion, up 3.2% year over year. Kimberly-Clark is targeting $2.1 billion in annual operational synergies from the combined enterprise, while Kenvue's exit from the S&P 500 benchmark and earlier selling by exchange-traded funds introduced late trading pressure.