Exelis (XLS) is currently in the process of spinning off its government services business, Vectrus. The spin is expected to be completed sometime this summer and Barron’s ran a piece a few weeks ago suggesting that the parent company has a lot of upside at its current levels: The remaining company will be a pure-play defense electronics business, aligned… Read More »
If a certain investing strategy delivers returns then you can count on followers and imitators joining the party. Just google ‘how to invest like buffett’. Even this site is an offshoot of Joel Greenblatt’s successful investment strategy. Corporate strategy is the same, especially in the minds of analysts in the investing world – if an idea worked for one company then every company in the… Read More »
As part of its recent spinoff of Engility(EGL), L-3 Communications(LLL) received $325 million in cash which it will use to retire $250 million in debt and repurchase $75 million in stock. Despite this balance sheet improvement, both S&P and Fitch left the company’s ratings unchanged. From S&P: Standard & Poor’s Ratings Services said today that its ratings and… Read More »
Defense contractor L-3 Communications(LLL) completed its spinoff of Engility Holdings(EGL) yesterday. L-3 shareholders as of July 16 received 1 share of Engility for every 6 shares of L-3 that they held. In its last day of when issued trading, Engility closed at $17.83, giving the company a market cap of just under $300 million. L-3 closed at $69.79… Read More »
The board of directors at L-3 Communications Holdings (LLL) recently approved the spinoff of the majority of its government services business, Engility. The spin is expected to take place on July 17th and shareholders as of July 16th will receive one share of Engility for every 6 shares of LLL owned. Given that L-3 currently has ~97.5m shares… Read More »