Author Archives: Inelegant Investor
Last October, Yum Brands(YUM) finally agreed to spin off its China business under pressure from investors including Keith Meister of Corvex Management. Corvex owns 5.2% of Yum, and Meister sits on the board. Yum, parent of brands including Pizza Hut, KFC, and Taco Bell, has 7,205 restaurants in China which collectively earn over $1 billion each year. Currently,… Read More »
Earlier today, we reported that former Dean Foods(DF) chair Tom Davis and Las Vegas gambler Billy Walters were being charged with insider trading related to Dean Foods’ 2012 announcement that it would be spinning off WhiteWave(WWAV). We also noted that professional golfer Phil Mickelson was said to have been given the tip. Bloomberg now reports that Mickelson is… Read More »
CNBC reports this morning that former Dean Foods(DF) chair Thomas Davis will be charged with insider trading, along with well-known Las Vegas gambler William “Billy” Walters. Davis had resigned last year as rumors swirled of the investigation into insider trading based on nonpublic information regarding Dean’s Whitewave(WWAV) spinoff. Walters is believed to have passed the tip along to professional… Read More »
Founded by Steven and Mitchell Rales, Danaher Corporation(DHR) is one of the most successful business stories of the last three decades. One of just 44 companies with a cumulative total return of greater than 10,000% over that time period(it’s the 6th best performer), this powerhouse will be spinning off Fortive, its Professional Instrumentation and Industrial Technologies business, on July… Read More »
It may sound like an alien planet, but Honeywell(HON) shareholders should prepare to see AdvanSix in their portfolios early next year. On the heels of a rebuffed and withdrawn offer for United Technologies(UTX), Honeywell has decided to slim down, announcing that it will spin off its Resin and Chemicals by early-2017. The new company which will be named… Read More »
Harvard Apparatus Regenerative Technology(HART) announced that it has changed its name to Biostage, effective April 1. It will now trade under the BSTG symbol. The company was spun off by Harvard Bioscience(HBIO) in November 2013. Why change the name? The name change reflects the company’s broad commitment and expertise in pioneering the development of bioengineered organ implants for… Read More »
As we’ve discussed previously, Nuvectra(NVTR) has jumped around quite a lot since its March 14 spinoff from Greatbatch(GB). Yesterday was big up day for Nuvectra which close up 18.12%, to $5.41. This coincided with the company releasing an investor presentation, the first communication it has had with shareholders since it gained its independence. The presentation addresses the size… Read More »
Hey, we know what you’re thinking. You wish there was a way to invest in a pure-play ringtone and phone wallpaper company. Well, thanks to IDT(IDT), you will not have to wish much longer. IDT has filed a form 10 as the first step in spinning off its majority stake in Zedge. Zedge, in case you missed it… Read More »
Nearly a decade ago, we wrote about Armstrong World Industries(AWI) as it emerged from a long bankruptcy that resulted from asbestos liabilities. At the time, we thought the stock looked expensive. Ten years later, the stock price is basically in the same place, and Armstrong is spinning off its flooring business, completing a dismantling begun with the 2012… Read More »
Nuvectra(NVTR) had an awful first week following its spinoff from Greatbatch(GB), as we pointed out last Friday. At Friday’s close, it was trading well below its cash position, and it carries no debt. Investors who sought to exploit this spread have been rewarded today with a steadily rising stock that has risen over 30%. The stock trades below… Read More »
We’re not sure we’ve ever seen a new spinoff drop so much, so fast. Earlier this week, Greatbatch(GB) completed the spinoff of Nuvectra(NVTR). Nuvectra has an approved product and $75 million in cash, but is still an early stage company. After initially climbing above $11 on Monday morning, Nuvectra has gone straight down. Today alone, the stock is… Read More »
Yesterday, Greatbatch(GB) completed its previously announced spinoff of Nuvectra(NVTR), as expected. “Today’s successful spin-off of Nuvectra marks another point in our strategy to design, develop and manufacture discrete technologies and complete active implantable medical device systems in partnership with customers,” said Greatbatch President and CEO, Thomas J. Hook. “Nuvectra is a valuable partner and customer utilizing an extensive… Read More »
Greatbatch(GB) shareholders should be prepared for their portfolios to look a bit different this year. Later this year, the medical device manufacturer will be changing its name to Integer Holdings Corporation. First, the company will spin off QiG Group, which will be renamed Nuvectra. On March 14, shareholders as of March 7 will receive one Nuvectra share for… Read More »
Under pressure, once again, from Starboard following the abandonment of its plan to spin off its huge stake in Alibaba(BABA), Yahoo(YHOO) has formed an independent committee of its Board Of Directors to explore strategic alternatives. The Board has formed a Strategic Review Committee of independent directors to lead this effort, with the assistance and support of management. The… Read More »
Last week, Dow Chemical(DOW) and DuPont(DD) announced a massive merger. We had reported earlier in the week on chatter about the potential deal, and the outlines of the final deal were pretty much as described. The $130 billion merger will briefly create a company that had a combined $83 billion in revenue last year. The company will, however,… Read More »