Category Archives: Uncategorized

Icahn Makes Offer For Federal-Mogul Shortly After Motorparts Spinoff Is Scrapped

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Sadly, not every announced spinoff actually ends up executed. For example, earlier this week we highlighted Fidelity National Venture’s (FNFV) postponement of its restaurant group spinoff while it exercises patience and awaits better ‘market conditions’. Another recently scrapped spinoff was Federal-Mogul Holding’s (FDML) planned separation of its Motorparts business from its Powertrain unit. The decision shouldn’t have come… Read More »

FNFV’s ABRH Restaurant Spinoff Postponed Indefinitely

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After successfully spinning off J. Alexanders (JAX) late last year, Fidelity National Ventures (FNFV) was set to spin off the rest of its restaurant assets under the holding company American Blue Ribbon Holding. Then plans changed. The headline was that the spin was delayed due to ‘market conditions’, a catchall phrase that is especially useful during market volatility, but… Read More »

Manitowoc Completes Spinoff Of Manitowoc Foodservice

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A quick update now that the transaction is official. The Manitowoc Company (MTW) completed the tax-free spinoff of Manitowoc Foodservice (MFS) on Friday, with shareholders receiving one share of MFS for every share of MTW owned. Expectations were for the legacy crane business, which kept the company name, to languish amidst a severe downcycle and for the foodservice… Read More »

Greatbatch Will Spin Off QiG As Nuvectra To Shareholders On March 14

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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 »

Is Time, Inc. Right For Yahoo Core Reverse Morris Trust Spin?

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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 »

Manitowoc Foodservice Spin Set For Early March Leaving Independent Crane Business

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Farewell Foodservice! Manitowoc’s (MTW) board of directors formally approved the spinoff of Manitowoc Foodservice, its foodservice equipment segment, last week. The new company will trade on the NYSE under the ticker ‘MFS’ and on March 4th, shareholders will receive one share of MFS for every MTW share owned. A ‘When-Issued’ market is expected to begin on or around February… Read More »

The End Of A Conglomerate – ADT & Tyco International Both Scooped Up

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Grab a tissue and say farewell to the Tyco (TYC) name. The former high flying conglomerate has a complicated history full of acquisitions (lots of those), strategy shifts, scandal ($6,000 shower curtains!) and of course, a lot of spinoffs. Current DuPont (DD) CEO Ed Breen smashed the company apart not once, but twice, creating three entities in both… Read More »

Will New Management And Cash Save Tribune Publishing?

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Tribune Publishing (TPUB), a 2014 spinoff from Tribune Media, received a large cash infusion of over $44m from Chicago entrepreneur Michael Ferro last week week in exchange for 5.2m shares. Mr. Ferro will become TPUB’s largest shareholder with ~16.6% of the shares and will join the company’s Board of Directors, replacing Eddy Hartenstein as Executive Chairman. Interestingly, Mr. Ferro… Read More »

GSK CEO Witty Still Not Interested In A Consumer Spinoff…For Now

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With a diverse business portfolio and some enterprising competitors, GlaxoSmithKline (GSK) has been the subject of spinoff rumors for years. So far, the company has opted to not pursue any divestitures of that nature and that will remain the case for some time if CEO Andrew Witty has his way. Well…at least regarding the consumer unit. While discussing the… Read More »

WestRock’s Ingevity Spin Pushed Back To May

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Wall Street loves spinoffs, but these transactions are hardly simple affairs to execute. There is a reason most of them take more than 9 months to consummate. After pushing off the expected completion date of Ingevity’s spinoff again, it seems WestRock (WRK) is learning that fact the hard way. The specialty chemical spinoff is now expected to be… Read More »

Starboard Threatens War On Yahoo – Are They Part Of The Problem Though?

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Yahoo (YHOO) had a tough year in 2015. The core business continued declining, key employees fled and its plans to deliver shareholder value by spinning off its Alibaba (BABA) stake into a standalone company was effectively derailed by the IRS. Unfortunately for the company and its beleaguered CEO Marissa Meyer, the start of 2016 isn’t looking much better… Read More »

Spinoff Odds & Ends: Gary Claar Interview, ASBH

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A few links to help get through this hump day: ValueWalk links to a frank interview with JANA Partners co-founder Gary Claar, who now heads up his own shop Claar Advisors. Within, Mr. Claar discusses some of the investments he was involved with at JANA, including McGraw-Hill as well as some of his new fund’s ideas. Additionally, he… Read More »

Hertz Finally Moving Forward With Its Equipment Spinoff – Targeting Q2 2016 Completion

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Hertz (HTZ) first announced the idea of spinning off its rental equipment business back in March of 2014 after facing severe activist pressure. The plan was to have the equipment company pay a big dividend which would fund a large buyback at the parent. A few months later, the company even managed to settle its fight with Carl… Read More »

Spinoff Odds & Ends: Dow & DuPont Tax Maneuvers, Starwood’s CEO Turnover

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A few short hits for a December Friday: By now, everyone has read about the proposed ‘mega merger of equals’ between Dow Chemical (DOW) and DuPont (DD) and the subsequent breakup into three separate companies (agriculture, specialty products and materials). One question worth pondering is how does it actually avoid the tax man? It sure seems like a… Read More »

Proposed Congressional Tax Deal Means The End Of Real Estate Spinoffs

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Congress is working hard trying to pass a comprehensive spending bill and a tax package extending numerous tax breaks. According to the WSJ, buried in these proposals is a bid to end companies’ ability to spinoff property into REITs: The bill from Rep. Kevin Brady (R., Texas), the chairman of the House Ways and Means Committee, would prevent… Read More »