The company said stockholder lawsuits relating to the merger have been filed in courts in Wisconsin, New Jersey and New York. It said it is voluntarily supplementing the joint proxy statement/prospectus to reduce the risk of delaying the merger and to minimize defense costs.

1. 01

   The company said stockholder lawsuits relating to the merger have been filed in courts in Wisconsin, New Jersey and New York. It said it is voluntarily supplementing the joint proxy statement/prospectus to reduce the risk of delaying the merger and to minimize defense costs.

2. 02

   The company said the Kenvue board established a strategic review committee on June 30, 2025, and that Kenvue and K-C entered into a mutual non-disclosure agreement on August 16, 2025. It said neither company entered into non-disclosure agreements with any other party.

3. 03

   The company said J.P. Morgan recognized fees of about $24.0 million from Kenvue and its current and former affiliates, and about $11.0 million from K-C, over the past 2 years. In the Centerview comparable companies analysis, Implied Enterprise Value / Estimated 2026 EBITDA was 9.9x for Kenvue and 11.2x for K-C.

4. 04

   The company presented Kenvue standalone outlook for 2026E, with revenue of $15,448 million, Adjusted EBITDA of $3,565 million and Unlevered Free Cash Flow of $2,114 million. The outlook is unaudited and includes non-GAAP measures.

Analysis scope · Filing bodyWe analyzed the opening part of the filing body and confirmed exhibits, within a length limit. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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