Not for the first time, Alibaba(BABA) graces our pages with news of a cancelled spinoff. Back in 2015, it was Yahoo’s planned spinoff of Aabaco Holdings that was cancelled, due, in large part, to IRS opposition to the transaction being tax free. Aabaco would have been a vehicle to take Yahoo’s valuable Alibaba stake and move it into… Read More »
We’ve known for some time that 3M(MMM) would be spinning off its healthcare business next year in the first half of 2024. Now we know its name: Solventum. Solventum, of course, in honor of 3M’s legendary founder James E. Solventum III. No, of course not, Solventum because a branding agency was paid way too much money to mash… Read More »
With a goal of becoming “a pure-play, profitable neuroscience company”, on November 15, Alkermes(ALKS) spun off its oncology business as Mural Oncology(MURA). In the tax free spinoff, Alkermes shareholders as of November 6 received one share of Mural for every ten shares owned. According to BioPharma Dive, the $275 million in cash that Mural has to start with… Read More »
This site took a lengthy hiatus after Covid struck leaving our tables of ‘Upcoming’ and ‘Recent’ Spinoffs quite stale. I am sure this has been quite the disappointment to our readers and we do hate to disappoint! As we slowly turn the engines back on here, we will try to clean up the tables and fill in the… Read More »
Novartis (NVS) is not new to these hallowed pages. Longtime readers (and we appreciate you not pointing out our long absence) will recall that Novartis spun off Alcon(ALC) in April 2019. Last week, however, Novartis completed one of the final steps in its upcoming Sandoz(SDZ) spinoff. At a (fairly ordinary) extraordinary shareholder meeting on September 15, 2023, Novartis… Read More »
Foodservice giant Aramark (ARMK) announced that its Board has approved the spin off of its Uniform and Workplace Supplies business, to be named Vestis (VSTS). Shareholders of Aramark as of September 20th will receive one share of Vestis for every two shares of Aramark owned. The transaction will be completed on September 30, 2023, with the first day… Read More »
Sharing a few links Yet Another Value Blog shares his thoughts (again and again and again) on the SharkNinja (SN) spinoff in a three part series (here, here and here). I think Barron’s might take umbrage with his statement that it wasn’t covered! Flyover Stocks takes an in depth look at the upcoming Worthington (WOR) spinoff Kiplinger discusses… Read More »
The USA was in the grips of a full blown banking crisis just six months ago. Runs of never before seen magnitude on Silicon Valley Bank, First Republic and others led to a crisis of confidence in our regional banks. The news cycle moves on though and all of that seems forgotten now. Interestingly, one of the largest… Read More »
Danaher(DHR) announced the date for the spinoff of Veralto(VLTO), its water quality and product identification business. Shareholders of Danaher as of September 13, 2023 will receive one share of Veralto for every three shares they own of Danaher on September 30, 2023. The transaction is expected to be tax free to shareholders. Danaher is no stranger to spinoff… Read More »
Fiesta Restaurant Group (FRGI), the parent company of Pollo Tropical restaurant brand, has reached a definitive agreement to be acquired by Authentic Restaurant Brands (ARB), a portfolio company of PE firm Garnett Station Partners. ARB is a holding company with a portfolio of food & beverage brands including P.J. Whelihan’s, Primanti Bros. and Mambo Seafood. Quite a diversified… Read More »
Zimmer Biomet Holdings(ZBH) modestly calls itself “a global leader in musculoskeletal healthcare.” Last week, it announced it will be slimming down, with plans to spinoff its Spine and Dental businesses in mid-2022. With a market cap of over $32 Billion, Zimmer Biomet is anything but a small company. “As part of the third phase of ZB’s ongoing transformation,… Read More »
Catnip? No, TechnipFMC(FTI), we had never heard of the $5B market cap S&P 500 component. Or it will be in the S&P 500 until Friday, February 12, when it is removed in favor of Monolithic Power Systems(MPWR). TechnipFMC, which was formed several years ago by the merger of Technip and FMC, is a global leader in the energy… Read More »
It’s been a while since we last wrote and let’s just say that 2020 has been a rough year. On that note, we sincerely hope our readers are all safe and healthy. Back to business and it’s time to play catch up again… Despite a slowdown during the depths of the crisis, M&A activity picked up as 2020… Read More »
There has long been chatter of a potential General Motors(GM) spinoff of its electric vehicle business. Barron’s reports that Deutsche Bank analyst Emmanuel Rosner, who calls the deal a “no-brainer” would be worth between $15 billion and $95 billion dollars, and not lead to much of a decline in enterprise value for the core business, which trades at… Read More »
It’s time for another edition of Odds & Ends where we share some random articles and pieces that we have been reading… 1. Barron’s is bullish on ‘small-scale conglomerate’ Graham Holdings (GHC) and thinks it’s sorely undervalued on a sum of the parts basis. Although the stock is up about 17% from the date of publishing to ~$423,… Read More »