Drugmaker Bristol-Myers Squibb Co. said Wednesday it will offer 0.6313 shares of baby formula maker Mead Johnson Nutrition Co. for each share of its stock in an offering that expires at midnight Thursday.
New York-based Bristol-Myers has offered to exchange up to 170 million shares of Glenview, Ill.-based Mead Johnson's stock for its shares.
Last month, Bristol-Myers said it would split off its Mead Johnson holdings to focus on its biopharmaceutical business. It owned about 83 percent of Mead's stock when it made the announcement.
Mead Johnson spun off from Bristol-Myers in 2008, and the formula maker went public in February. It makes children's liquid and powder formulas under the Enfamil, EnfaKid and Choco Milk brands.
Last week, Standard & Poor's said it would add Mead Johnson to its S&P 500 index to replace insurer and investment management company MBIA Corp.
Citigroup Global Markets Inc.; Goldman, Sachs & Co.; and Morgan Stanley & Co. Inc. are serving as deal managers for the offer.
Bristol-Myers shares fell a penny to $25.73 in Wednesday morning trading, while Mead Johnson shares dropped 23 cents to $42.62.