Month: October 2013

No Weyerhauser Out? Company Near Deal To Spin WRECO To Tri Pointe Homes In Reverse Morris Trust

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Earlier this summer, Weyerhauser (WY) announced that it was exploring ‘strategic alternatives’ for Weyerhauser Real Estate Company (WRECO), its homebuilder unit. Those options included including ‘continuing to hold and operate WRECO, or a merger, sale or spin-off of the business.’ The unit ranks in the Top 20 homebuilders and sold 1,099 homes in H1 2013. The exploration of strategic… Read More »

Noble Prize? Noble Corporation Receives IRS Private Letter Ruling Regarding Proposed Spinoff

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Though it is not expected to come up for a shareholder vote until Q2 2014, Noble Corporation(NE) is making progress with its plan to spin off its non-deepwater assets.  Noble announced last week that it had received a private letter ruling from the Internal Revenue Service relating the the expected tax-free status of the proposed transaction.  Though this… Read More »

Will Demand Media’s Domains Business Be The Rightside To Follow?

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In February, struggling internet company Demand Media(DMD) first announced its plan to separate its domains business from its content business. At the time, the company shared some metrics about each unit.  More recently, amidst continued struggles in the content business, the CEO resigned, leaving the timing of the spinoff in doubt, though the company reaffirmed that it would… Read More »

Ceasar’s Distributes Subscription Rights For ‘Good Asset’ Spinco

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Ceasar’s Entertainment (CZR) distributed subscription rights to its shareholders two weeks ago, offering them the option to purchase shares of Ceasar’s Acquisition Company at the price of $8.64 per share. The rights were distributed on October 21st to shareholders as of October 17th and shareholders should have received one subscription right for every CZR share owned. As we… Read More »

GE Prepares Spinoff of Massive Consumer Lending Business

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General Electric(GE) is the prototypical conglomerate. It is welll known for its turbines, its locomotives, its jet engines, and its finance division. Chastened by the financial crisis which GE entered as a finance company with some industrial assets attached, CEO Jeff Immelt has been on a multiyear mission to shift the company’s focus back to its industrial operations.… Read More »

In Too Deep! Noble Corp To Spinoff Older Assets And Focus On Deepwater Drilling

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Noble Corporation (NE) is going deep after announcing plans to spin off a business holding most of its standard specification drilling units. The new company’s assets will include ‘five drillships, three semisubmersibles, 34 jackups, two submersibles, and one FPSO’ and also be responsible for the Hibernia platform operations. Noble will continue to own and operate its high-specification assets, ~35 rigs… Read More »

Farewell DE Master Blenders 1753! Today Is Last Day Of Trading

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DE Master Blenders 1753’s (DE.AS or DEMBF) listing on the NYSE Euronext will be terminated on Tuesday, October 29th. To be fair, this is a mere formality as the stock hasn’t really traded much in the months following the takeover announcement by privately held Joh A Benckiser. While it’s been awhile since the board approved buyout offer rolled in, the ensuing… Read More »

National Oilwell Varco To Distribute Its Distribution Business

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In late September, National Oilwell Varco (NOV) announced that it would spin off its distribution business, a unit which provides MRO supplies to the energy and industrial markets, into a standalone entity. According to CEO & Chairman Pete Miller, after a series of acquisitions from Schlumberger (SLB) last year, the business is now large enough (both in size… Read More »

Huntington Ingalls CEO Talks Shop, Post Spinoff Life With The WSJ

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Amidst talk of defense budget cuts and sequesters, Northrop Grumman (NOC) spun off of its naval shipbuilding unit Huntington Ingalls (HII). Despite the doom and gloom setting for the defense industry, the stock has appreciated quite nicely since its March 2011 debut, up close to 90%. The company has recently faced cost overruns while building the newest aircraft… Read More »

Arrivederci Spinoff! Proposed Telecom Italia Spinoff Possibly Shelved

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The death knell appears to be ringing for Telecom Italia’s (TI) fixed line spinoff. According to this Bloomberg piece, the company plans to ask its board of directors to withdraw its approval for the spin, which would put an end to a process which has been going on for over a year. That is a loooong time and… Read More »

Housecleaning – Cleaning Up The Upcoming Spinoff List

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The spinoff world is always changing and it takes a lot of effort to stay abreast of the news. As a result, it has been some time since we have checked in on some names which appear to have been buried at the bottom of the ‘Upcoming Spinoffs’ list. So here is our attempt at a little ‘spring cleaning’:… Read More »

Demand Media CEO Rosenblatt Resigns – Spin Date In Limbo

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Big shakeup at Demand Media (DMD) as CEO and Chairman Richard Rosenblatt resigned earlier this week. While the company did not provide any reason for the move, this Variety piece quotes two Stifel analysts saying that “the change is not entirely surprising given the pressure from Google’s algo(rithm) changes on the content business, the overall strategic drift in the company… Read More »

A HART-felt Farewell: Harvard Bioscience Board Approves HART Spin

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Harvard Bioscience Inc’s (HBIO) board of directors approved the spinoff of its regenerative medicine device subsidiary, Harvard Apparatus Regenerative Technology. The spin is set to take place on November 1st with HBIO shareholders receiving 1 share of the new company for every 4 shares of HBIO owned. The new company will trade under the ticker ‘HART’ and a when… Read More »

Oil States International Accommodates Jana Partners – Will Spin Off Accommodations Business Next Year

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People often focus on the larger, more macro implications of the recent commodity boom. As a result, it’s very easy to forget about the nitty gritty, day to day lives of the people actually working in far flung locations up in Canada or South Dakota (well, there goes our South Dakota reader). Thousands of people descend on these… Read More »

United No More – FTD Spinoff Planned For November

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United Online (UNTD) has had a rough time trying to break itself up. Its planned spinoff of well known flower company FTD Companies has been delayed several times and the transaction was pushed off another month as the company was unable to secure the necessary approvals in time. Maybe its having an existential crisis – after all its… Read More »