Murphy USA(MUSA) completed its first day of trading yesterday following its spinoff from Murphy Oil(MUR). The business, which is primarily Murphy’s retail gas station network, will be led by R. Andrew Clyde. Former parent Murphy Oil has new leadership as well, with the retiring Steven Cosse being replaced by Roger Jenkins. The spinoff, which was completed after the… Read More »
Murphy Oil (MUR) is currently a member of the S&P 500 and will remain so even after the spinoff of its retail business, Murphy USA. The new company will end up a little further down the chain though and will replace Strayer Education (STRA) in the S&P MidCap 400 index upon completion of the spin. Strayer will be booted… Read More »
Who says you can’t teach old dogs new tricks? 107 year old ONEOK (OKE), founded as the Oklahoma Natural Gas Company way back in 1906, recently announced that its board of directors had approved the spinoff of its natural gas distribution business. The new company will be known as ONE Gas and will be ‘the only publicly traded,… Read More »
Murphy Oil’s (MUR) board of directors formally approved the spinoff of its US retail marketing business, Murphy USA Inc, recently. The distribution is expected to be tax free and is set for August 30th to shareholders of record on August 21st. The new company will trade on the NYSE under the ticker ‘MUSA’ and MUR shareholders will receive… Read More »
One step forward, another step back. With a new CEO finally in place, Time Inc’s spinoff seemed to be gaining some momentum. It turned out to be short lived though as Time Warner (TWX) CEO Jeff Bewkes announced during the most recent conference call that the spin would be pushed off until next year. The reason? Our top… Read More »
There are few companies in America with as long a history as DuPont (DD). Started as a gunpowder mill in Delaware in 1802, the company has been a fixture on the American business landscape for over two centuries. DuPont was a force behind the creation and growth of General Motors (GM) and invented many of the signature materials… Read More »
Epazz(EPAZ) continues to push the envelope on the bare minimum of substance a spinoff must have. Consider its latest gem of a press release: Epazz a leading provider of cloud based business software solutions, announced today that the Company is moving quickly forward with the Project Human Mobile Power spinoff. Epazz is currently working with a Patent attorney… Read More »
In July 2007, when Rio Tinto(RIO) announced it would be purchasing Alcan for $38.1 billion in the largest mining acquisition ever, new CEO Tom Albanese was ecstatic. His bold move, beating out a $27 billion hostile bid from former Alcan parent Alcoa(AA) proved disastrous. Earlier this year, Albanese was forced to resign after writing down over $25 billion… Read More »
As expected, Straight Path Communications(STRP) began trading today following its spin off from IDT(IDT). We previously described the interesting background of the new company’s CEO, David Jonas(we wonder how many other pulpit Rabbis run public companies). Rabbi Jonas is quite optimistic about the company’s prospects: SPCI’s President & Chief Executive Officer, David Jonas, said, “The spin-off of Straight… Read More »
When we last checked in with Harvard Apparatus Regenerative Technology in late March, it was days away from an April IPO of 17% of its stock by parent Harvard Bioscience(HBIO). Soon afterwards, HBIO announced the postponement of the IPO, citing market conditions. On May 1, the company abandoned its plan for an IPO and declared it would spin… Read More »
We admit that our knowledge of Australia is limited beyond knowing that it has immense strategic value in RISK. Given that, it’s not surprising that we had never heard of Amcor(AMC.AX,AMCRY), which turns out to be the worlds largest packaging company with a market capitalization exceeding $11 Billion. Until we heard today that it plans to spin off… Read More »
With the ink barely dry on its press release announcing the spin off of Project Flex(now known as Cooling Technology Solutions, Inc.), Epazz(EPAZ) has announced a second spin based on a vaporous idea. The company announced a heretofore unmentioned “business” that it would be spinning off that it is calling Project Human Power. What does this business do?… Read More »
Time Warner (TWX) has found its man to helm its upcoming magazine spinoff, naming former executive Joseph Ripp as CEO of Time Inc. Mr. Ripp served various roles at Time Inc and Time Warner over a 20 year career there and is expected to join the company in September. He is currently CEO of OneSource Information Services and… Read More »
The long saga of Elan’s (ELN) corporate future seems to be coming to an end as the company agreed to an $8.6b takeover by drug company Perrigo (PRGO). The deal is a mix of cash and stock, with shareholders receiving $6.50 in cash and 0.07636 shares of New Perrigo for each share of Elan owned. Putting it all… Read More »
Call us old fashioned, but we believe a public company should be a working business- not merely an idea. Shaun Passley, CEO of Epazz(EPAZ) clearly disagrees. As we discussed last week, he plans to spin out companies like cake batter from an out of control mixer. Since then, the company has announced its first spinoff, Project Flex, and… Read More »