DuPont(DD) has been no stranger to spinoffs. Following the 2015 spinoff of Chemours(CC), DuPont merged with Dow Chemical in preparation for a three-way split executed earlier this year, leaving DuPont, Dow Chemical(DOW) and Corteva(CTVA) as independent companies. But there is no rest for the weary. Citigroup analyst P.J. Juvekar believes there is more to come. “We expect DuPont… Read More »
That’s what it’s all about. How do you sell off part of your business and not pay taxes? The answer, of course, is a reverse Morris Trust transaction. Ingersoll-Rand(IR) is an Ireland-based industrial conglomerate with a $30 billion market cap and 49,000 employees. Ingersoll Rand is no stranger to these pages, having spun off its security business as… Read More »
Why is Henry Schein(HSIC) stock down sharply today? What is this CVET stock suddenly in my portfolio? We’ve been talking about it a lot, but Covetrus(CVET) is finally here. After the market closed yesterday, Henry Schein completed its spinoff of Covetrus, distributing Covetrus stock to shareholders. Covetrus immediately merged with Vets First Choice in a Reverse Morris Trust… Read More »
I’ve got a fever and the only cure is more Covetrus(CVET). Excitement mounts as we approach the completion of Henry Schein’s(HSIC) animal care spinoff and its merger with Vets First Choice in a Reverse Morris Trust transaction. The transaction is set to be completed today, February 7. Tomorrow, February 8, Covetrus stock will begin trading, and S&P will… Read More »
Based on reader suggestions we are going to try something new this month. We update our tables as new information is released, but we recognize that not everyone is constantly hitting refresh in order to see when a distribution date might get posted (please do so in the future though). Going forward, at the end of every month… Read More »
With GE’s (GE) share price in freefall and concerns about its debt levels, the company began offloading assets left and right. One disposal arranged by short lived CEO John Flannery was the spinoff of its transportation business via Reverse Morris Trust by subsequently merging it with Wabtec (WAB) to form a leading freight car powerhouse. Manufacturing and servicing all done in… Read More »
Just weeks after choosing its name, Covetrus(CVET), not covfefe, and filing a registration statement, Henry Schein(HSIC) has set a date for the spinoff, and it’s soon. On February 4, Henry Schein will spin off HS Spinco to shareholders of record as of January 17. HS Spinco will subsequently merge with Direct Vet Marketing, Inc. (d/b/a Vets First Choice) in… Read More »
Back in April, Henry Schein, Inc.(HSIC) announced that it would be spinning off its Animal Health business and merging it with Vets First Choice in a Reverse Morris Trust transaction. At the time, the company projected the transaction would be completed in the fourth quarter of 2018, but it has since slipped into the first quarter of 2019. … Read More »
Genuine Parts Company (GPC) announced last month that it will spin off its business products division, S.P. Richards, and immediately merge the new entity with Essendant (ESND) via the tax efficient Reverse Morris Trust. The deal will allow GPC to more fully focus on its ‘core’ automotive (via NAPA) and industrial products, areas in which it has been… Read More »
Even before Time Warner(TWX) spun it off in June 2014, Meredith(MDP) was in talks trying to effect a Reverse Morris Trust transaction. Over the subsequent years, Time repeatedly was the subject of buyout discussion, and Meredith was always in the mix. Well after five years, Meredith finally got its prize. On January 31, Meredith closed its $2.8 billion… Read More »
Every schoolchild is aware of the dangers of mixing water and electricity. Perhaps with this in mind, Pentair(PNR) will be spinning off its Electric division and retaining its Flow Control division. As every spinoff needs a gut-wrenchingly bad name with an even worse explanation of its meaning, the new company will be known as nVent Electric. Why? Beth… Read More »
Lets close off the week with some happenings in the world of spinoffs: 1) Spinoffs Are Popular On The Johannesburg Exchange Every so often, a reader writes in to the site to let us know that our international coverage is weak (some use nicer language…others less nice). To which we reply thanks for reading and that volunteers are… Read More »
A few links for today Bloomberg takes a look at how HP Inc (HPQ) and Hewlett Packard Enterprise (HPE) are doing since their 2015 breakup and to the surprise of the afor today:uthor – and I would guess to absolutely no readers of this site – the ‘runt of the litter’ HP Inc is actually doing well. Newsflash:… Read More »
Citrix Systems(CTXS) stock rose 6.8% yesterday, almost all towards the end of trading, as rumors circulated that the company had hired Goldman Sachs to find a buyer. The Fort Lauderdale, Florida-based company hired Goldman Sachs Group Inc. to sound out buyers including private equity firms, said the people, who asked not to be identified because the information isn’t… Read More »
Nelson Peltz is legendary for successfully pushing for structural change at large companies. This has often resulted in spinoffs of disparate divisions. Last week, Peltz’s investment vehicle, Trian Fund Management, disclosed a $3.5 billion stake in Procter & Gamble(PG). Peltz steps into the shoes of Bill Ackman, who several years ago took an activist position in P&G, only… Read More »