Acquisition by Reckitt Benckiser stands to deliver value to Mead Johnson shareholders.
Wide-moat Mead Johnson has agreed to be purchased by narrow-moat Reckitt Benckiser for $90 per share in a cash deal valued at $18 billion, and we expect to raise our valuation to $86 per share from $82 (reflecting the present value of the takeout price, assuming a third-quarter close). The tie-up was widely rumored earlier this month, with both companies confirming the talks and the contemplated takeover price at that time. At a 10% premium over our stand-alone fair value estimate of $82 per sha...
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