Just a day after Tribune (TRBAA) announced that it would be separating its publishing assets into a new company, speculation has already started about who will be the next media company to follow the breakup trend. With News Corp’s (NWSA) spinoff completed and Time Warner’s (TWX) on track, the WSJ tossed out Gannett’s (GCI) name as a possible… Read More »
Months after caving into demands from activist investor Nelson Peltz to break itself up, Ingersoll-Rand (IR) has started releasing details on its commercial & residential security spinoff. The new company will be named Allegion and is expected to trade on the NYSE under the ticker ‘ALLE’. According to the press release, the name was chosen because it represents ‘the… Read More »
No, Beyonce isn’t pregnant, but there is a new Knowles, well…a Knowles Corporation coming next year following Dover Corporation’s (DOV) announced spin off of its communications technologies business. The new company is ‘expected to be an industry leader’ in acoustic components (ex. MEMs microphones, speakers, receivers and transducers) and communication infrastructure components. According to a company presentation (the one dated May 23rd), on… Read More »
A few more milestones have been crossed on News Corp’s (NWSA) path to spinning off its publishing business. This past week, the company received shareholder approval in order to change its certificate of incorporation. The move was necessary in order to facilitate the spinoff of its publishing business, commonly referred to as the new News Corp. A few weeks prior to… Read More »
We often mention how long the spinoff process can take. There are a lot of reasons for that including paperwork, but basically it isn’t easy to carve out a brand new entity. There is a lot of internal work and planning that needs to get done during that period to ensure a smooth transition. Nothing sexy and the… Read More »
Delays could be on the horizon for CBS’ (CBS) upcoming North & South American outdoor advertising spinoff. The IRS has apparently formed an ‘internal working group’ to study its current standards of what type of companies can qualify for REIT status. The news came out late last week when both Lamar Advertising (LAMR) and data storage company Equinix Inc… Read More »
Barron’s had a couple of pieces on spinoffs a couple of weeks ago, one of which focused on Leucadia’s (LUK) recent spinoff of the Crimson Wine Group (CWGL), its small winery business. For a ‘refresher’ on the transaction, check out our earlier coverage here and here. The company is listed on the OTC Pink Sheets and currently trading at… Read More »
Updated 06/04/13 16:43 That didn’t take too long to decide. During its latest conference call, Pfizer (PFE) indicated it was still mulling its options for how to deal with its remaining ~80% stake in Zoetis (ZTS), its former animal-health business whose IPO was earlier this year. The company had been considering a spinoff, but in the end it… Read More »
Ceasars Entertainment (CZR) is certainly getting creative in order to deal with its massive debt pile. As this piece notes, the company has already refinanced some debt, pushed back maturities and even attempted to redefine its leverage ratios. Unfortunately, that hasn’t been enough ‘relief’, so the company’s announced a new plan to issue subscription rights to shareholders. The rights would… Read More »
Newcastle Investment Corp (NCT) recently completed the spinoff of New Residential Investment Corp (NRZ) on May 15th. The spinoff, first announced in January, created two separate REITs, with NRZ focused on the residential side and NCT playing in the commercial space. More specifically, NCT invests in two areas: Real Estate & Other Debt and Senior Housing (literally housing… Read More »
IDT appears to be making progress on the spin off of its intangible assets as the company recently announced that Straight Path Communications Inc (SPCI) had filed a Form 10 with the SEC . While a distribution date has yet to be announced, IDT shareholders (both Class A & B) are expected to receive 1 share of SPCI for… Read More »
Spinoff talk has surrounded Pfizer (PFE) for some time now following a business unit review a couple of years ago. That ultimately led to the sale of its nutritional unit and the successful IPO of ~20% of its animal health business, Zoetis (ZTS) earlier this year. Investors have been hoping for something bigger though, especially following the successful… Read More »
It’s official folks. Valero (VLO) completed the spinoff of CST Brands (CST) and the company began trading today as an independent entity on the NYSE. The new company operates in the US & Canada as an independent retailer of fuel and convenience merchandise while Valero is now a “more-focused refining, wholesale marketing, and alternative fuels company.” The Motley Fool’s Jim Royal is… Read More »
Well that didn’t take long to get back on track. After shareholders overwhelmingly approved Siemens’ (SI) Osram lighting spinoff, the transaction was quickly derailed by a lawsuit. A small group of shareholders claimed the meeting was invalid due to acoustics issues, a charge which Siemens considered ‘without merit’. A Munich judge agreed with the company and tossed the complaint stating the… Read More »
News of Nelson Peltz’s Trian Fund Management ridding itself of all Kraft related positions turned out to be off…very off. In an amended Q4 13F filing released last week, the hedge fund revealed a large stake of over 19 million shares (a bit more than $600m worth) in Kraft’s international snacks spinoff Mondelez International (MDLZ). There was still… Read More »