A decade after a divorce, a couple strongly considers getting back together, only to call it off. The plot of It’s Complicated? No, the latest in the saga of Viacom(VIA) and CBS(CBS). At the very end of 2005, Viacom and CBS split into two independent companies. Late this summer, as Shari Redstone cemented her control over her father… Read More »
Varian Medical Systems (VAR) is currently in the process of spinning off its imaging component business, Varex Imaging. As part of the transaction, Varex will now send Varian a $200m parting ‘gift‘ (or dividend) to be funded by new borrowings. According to Varian’s CEO Dow Wilson, ‘the Imaging Components business has gained momentum since last May when we… Read More »
There is just something exciting about a three-way split. It’s just such a radical transformation and in some ways it’s hard to believe that a company like hotelier Hilton Worldwide (HLT) could pull it off. ITT sure, but Hilton? January 3rd is the day though when Hilton will officially spin off a) Hilton Grand Vacations, its timeshare business… Read More »
The year is coming to an end and it’s really cold outside. Warm up and start your weekend with a few spinoff related links: The always excellent Value and Opportunity took a close look at the recent spinoff of Italian gas distributor Italgas (IG.MI) from SNAM spa (SNMRF). In his opinion, although there is real risk in the name,… Read More »
The Overseas Shipholding Group (OSG) completed the taxable spinoff of International Seaways (INSW) on schedule last week. On November 30th, OSG shareholders should have received 0.3333 shares of INSW and the first day of trading was on December 1st. As discussed in our earlier piece, the situation for warrantholders was slightly different. As per usual, the internal goodwill was… Read More »
It’s not surprising to see companies experienced with spinoffs go back to the same playbook, but Varian Medical System’s (VAR) upcoming Imaging Components spinoff is still a bit surprising. After all, it’s been 17 loooong years since Varian Associates broke itself into three different parts, including Varian Medical Systems. The new business will be named Varex Imaging Systems and… Read More »