Kimberly-Clark slumps after co's $48.7-billion deal for Kenvue

Shares of Kleenex tissue maker Kimberly-Clark down about 12.5% at $103.26

Co to acquire Tylenol maker Kenvue KVUE.N in a deal valued at about $48.7 billion

Kenvue's stock up about 15% at $16.57

Kenvue's shareholders will receive $3.50 per share and 0.15 KMB shares for each share held

Deal implies a per-share deal value of $21.01, or an equity value of $40.32 billion, according to Reuters calculations

Deal represents premium of about 46.3% to Kenvue's Friday's closing price of $14.37

The timing of the deal, although probable, was earlier than expected, given the negative litigation and regulatory headlines around Kenvue, RBC Capital Markets analyst Nik Modi says

Up to last close, KMB, KVUE down nearly 9%, 33% respectively, YTD