Lets keep the momentum going and take a look at what is going on in the world of spinoffs: Blackhawk Networks (HAWK), a 2014 spinoff from Safeway (which has since been acquired), is being acquired by private equity firms Silver Lake and P2 Capital Partners for $3.5b or $45.25 per share. P2 Capital is already a shareholder with… Read More »
The dance is finally over and Safeway (SWY) has found its suitor. After a lot of speculation, the grocer agreed to be acquired by Cerberus owned Albertson’s for ~$9b. While that would normally put the company in the hands of merger arbitrage players, the company still has some unfinished spinoff business. Back in 2012, the company announced plans… Read More »
The final chapter of the Pride International (PDE)/Seahawk Drilling (HAWK) spinoff is nearly complete. Our earlier post noted that both companies were struggling and considering their respective strategic options. Two companies with the same goal, yet oh so different outcomes. Here is a quick update: Pride, an offshore rig contractor with a deep-water focus and international exposure, agreed… Read More »
Image via Wikipedia Despite the optimism of spinoff investors, not every spin is a success story…at least when measured by stock price appreciation. In late August of 2009, offshore rig contractor Pride International (PDE) spun off its shallow water operations into the newly formed Seahawk Drilling (HAWK). The great ticker could not overcome the poor industry fundamentals and… Read More »