According to insider reports, investment firm TOMS Capital Investment Management has acquired shares in Kenvue (KVUE, Financial), a well-known bandage manufacturer. The firm is urging Kenvue to consider a full sale or divestiture of some assets. The exact size of TOMS Capital's stake in Kenvue remains undisclosed.
Earlier this month, Kenvue, formerly a part of Johnson & Johnson, reached an agreement with activist investor Starboard Value, concluding a four-month-long standoff. As part of the agreement, Kenvue's board will be expanded with three new directors. Starboard Value, which invested in Kenvue in October, had criticized the underperformance of the company's skin health and beauty division, which includes brands like Neutrogena and Aveeno.
Both TOMS Capital and Kenvue declined to comment on the ongoing developments. However, a Kenvue spokesperson stated that the company's board and management are consistently focused on protecting the best interests of the company and its shareholders. They remain committed to accelerating sustainable profitable growth and enhancing shareholder value.
