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The exchange ratio will represent a 10 percent discount to the daily volume-weighted average price of the companies' shares over a three-day period currently expected to be Dec. 8-10. The deal is subject to at least 144.5 million Mead shares being distributed in exchange for Bristol-Myers stock, among other conditions. The exchange offer will expire Dec. 14. Citigroup Global Markets Inc., Goldman, Sachs & Co. and Morgan Stanley & Co. Inc. will serve as the dealer managers for the exchange offer. "This transaction represents the important final step in our journey to be a fully independent public company," Mead Johnson CEO Stephen W. Golsby said in a statement.
[Associated
Press]
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