Kenvue shares surged 20% premarket after Kimberly-Clark announced a $48.7 billion cash-and-stock deal to acquire the Tylenol maker. Kenvue shareholders will receive $3.50 in cash and 0.14625 Kimberly-Clark shares per Kenvue share. Post-merger, KMB investors will own 54% of the combined company, and Kenvue holders 46%.