Tyco International(TYC) has canceled plans, announced in April, to spin off its Electrical & Metal Products unit to shareholders. Instead, Tyco announced on November 9 that it would be selling 51% of the unit, bow called Atkore, to private equity firm Clayton, Dubilier, & Rice for $720 million in cash. Tyco plans to use...
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It looks like the SunCoke spinoff from Sunoco (SUN) might not be completed by the initial target date set by the company of 1H 2011. Ongoing litigation with one of their biggest customers, ArcelorMittal (MT – also a company on our spinoff radar), is the reason for the potential delay. Apparently, ArcelorMittal is claiming...
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Image by Getty Images via @daylife ArcelorMittal’s (MT) board confirmed its plan to spin-off the company’s stainless steel division in the hope of ‘maximizing shareholder value’ and capturing the division’s growth potential. The new company, which will be called APERAM, will be listed on several international exchanges (including Euronext Paris and Amsterdam), but will...
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Image via Wikipedia In October, when Bill Ackman and Pershing Square Capital disclosed an 11% stake in Fortune Brands(FO), there was speculation that he would push the conglomerate to break up. Today, Fortune announced plans to break into three companies. Fortune itself would retain its Premium Spirits business, led by venerable brands such as...
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Jim Royal, one of The Motley Fool’s “Rising Stars”, sure has taken a liking to spinoffs. He recently penned a brief note pegging recent spinoff Sabra Healthcare REIT(SBRA), and future spinoffs Rainbow Media and Northrup Grumman’s(NOC) shipbuilding unit as “Spinoff Stocks Worth Watching“. In a followup piece, Royal recommends buying Sabra, which recently spun...
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