Starboard Value's Jeffrey C. Smith Disposes of Kenvue Stake in Kimberly-Clark Merger

Overview & Context

On November 2, 2026, Kenvue Inc. (NYSE: KVUE) director Jeffrey C. Smith, Managing Member of activist investment firm Starboard Value LP, reported the disposition of all common shares and deferred share units (DSUs) held directly and indirectly in Kenvue.

Transaction Breakdown

1. Common Stock Disposition (Table I):

   • Shares Disposed: 27,307,632 shares held indirectly through Starboard Value LP accounts.
   • Transaction Code: D (Disposition to the issuer/merger).
   • Merger Terms: Pursuant to the merger agreement with Kimberly-Clark Corporation (K-C), each share of Kenvue Common Stock was exchanged for 0.14625 shares of K-C common stock plus $3.50 in cash.
   • Ending Balance: 0 shares.

2. Derivative Securities (Table II):

   • Deferred Share Units (DSUs): An acquisition of 1,453 DSUs occurred on October 29, 2026, as director fee deferral. On November 2, 2026, all 30,404.881 DSUs were disposed/converted into K-C stock unit awards under the merger terms.

Trading Significance

The trading significance is assessed as Low. While the aggregate volume disposed by Starboard Value LP exceeds 27.3 million shares, the transaction reflects the consummation of Kenvue's acquisition by Kimberly-Clark Corporation rather than open-market discretionary selling or an organic shift in insider sentiment.