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 On the heels of a rebuffed and withdrawn offer for United Technologies(UTX), Honeywell has decided to slim down, announcing that it will spin off its Resin and Chemicals by early-2017.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 »
With all of the world focused on Starwood’s (HOT) buyout and the exciting bidding war between Anbang and Marriott International (MAR) it was easy to forget about the planned spinoff of Vistana, its timeshare business. It always seemed to get lumped into the bids, but as a reminder, the company will merge into the Interval Leisure Group (IILG)… Read More »
Paging Kevin Sorbo! Speaking at an industry conference back in February, Larry Silber, CEO of Hertz’s (HTZ) equipment rental business and of its future spinoff, announced that the new company will change its name to Herc Rentals post-spin. Alas, the choice of ‘Herc’ had nothing to do with the Greek demigod and is merely the initials of the… Read More »
After delaying the spinoff of its chemical business due to ‘complexities’, WestRock (WRK) is finally ready to complete the spinoff of Ingevity. The transaction is expected to be completed on May 15th, with WestRock shareholders receiving 1 share of the Ingevity for every 6 WestRock shares owned. The new company will trade on the NYSE under the ticker… Read More »
Community Health Systems’ (CYH) board of directors gave the formal go ahead to the spinoff of its regional hospital network, Quorum Health (QHC). The spinoff will take place on April 29th and CYH shareholders as of April 22nd should receive one share of Quorum for every 4 CYH shares owned. The new company will trade under the ticker ‘QHC’.… Read More »
Gannett (GCI) strikes again and it has another print spinoff in its crosshairs. After scooping up the Journal Media Group back in October, the company, which spun off its digital properties into TEGNA (TGNA), is now going after Tribune Publishing (TPUB), the 2014 print spinoff from Tribune Media. That is a lot of spinoff on spinoff M&A. Gannett’s all-cash… 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 »
Judging by our tables and readership, spinoffs have become pretty popular and apparently, even Jim Cramer is a fan. Speaking on his show last week, Cramer exclaimed that he is ‘a huge backer of this break-up strategy, in part because the stock market prefers smaller, easy-to-understand, pure-play type companies over big, complicated conglomerates.’ Continuing with the spinoff theme, Cramer… 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 »
CBS Corporation (CBS) is ready to shed one of its oldest assets. While the network is well known today for its hit shows, its origins are in the radio business. Nothing lasts forever though and during this week’s presentation at its analyst day, CEO Les Moonves announced that the company was considering ‘its strategic options’ for the radio business.… 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 »
Masayoshi Son’s Softbank (SFTBY) is shaking up its organizational structure, creating two separate, but still wholly owned, internal companies. One business will house its domestic (Japanese) businesses such as mobile and its stake in Yahoo Japan, while the other unit will contain its overseas investments. The overseas bucket will include Softbank’s investments in budding technology companies, such as… Read More »