Integra LifeSciences (IART) unveiled plans to spin off its Spine business into a standalone company late last year. The move was billed as a ‘strategic portfolio realignment’ and part of the company’s ‘larger transformation strategy’ to optimize their businesses and accelerate growth. Roughly eight months later, the SeaSpine spinoff is ready to go and has been approved by the… Read More »
We recently noted some of the progress Gannett (GCI) had been making towards completing the separation of its publishing assets from its broadcasting & digital businesses. There was the awful name – TEGNA – for the rebranded parent company. Then a new board of directors was vetted and selected. Form 10’s were filed. And just last week, finally, the board has… Read More »
The aviation industry is gathered in France for the Paris Air Show. The focus is usually on the orders for industry giants Airbus and Boeing (BA), but this year also featured an interesting announcement from United Technologies (UTX). During its Investor Day presentation, the company confirmed that it would exit the helicopter business, with either a spinoff or… Read More »
Though the majority of Johnson Controls(JCI) revenue derives from its automotive business, there has long been talk of spinning off the unit. Yesterday, the company announced that “it is exploring strategic options for the separation of its automotive business”. Of course, you know which strategic option we are rooting for. “Today’s announcement continues our strategy of proactive portfolio… Read More »
DuPont(DD) has not been lacking in drama, with a famously noisy battle with activist Nelson Peltz. The company is now in the final stretch of its spinoff of Chemours, with a date and ratio set. The stock will be distributed on July 1 to shareholders as of June 23. Shareholders will receive one share of Chemours for every… Read More »
When Federal Mogul Holdings (FDML) first announced that it was separating its Motorparts division from the Powertrain business, the plan was for the spin to be completed in the first half of 2015. The problem was that the company was in the midst of an acquisition boom, acquiring three different businesses – TRW’s engine components, Affinia’s chassis business and… Read More »
A few short hits for the Friday before Memorial Day – A very minor footnote to the abandoned Comcast (CMCSA)/Time Warner Cable (TWC) megadeal is the cancellation of the GreatLand Connections spinoff. The spin would have shed millions of customers in select markets and was part of the two companies’ strategy to win regulatory approval. I think they… Read More »
DuPont (DD) unveiled the future board of directors at its performance chemicals spinoff, Chemour, earlier this week and poor Nelson Peltz didn’t make the cut here either. Surprisingly, the media isn’t covering this board situation in the same manner as last week’s ‘historic’ proxy battle, which witnessed DuPont CEO Ellen Kullman take down Nelson Peltz’s Trian Fund at the ballot box. The… Read More »
By far, the world’s largest mining company, BHP Billiton(BHP) got a bit smaller this week with the spinoff(or demerger, if you prefer) of South32. South32 is a collection of non-core bauxite, alumina, aluminium, thermal and metallurgical coal, manganese, nickel, silver, lead and zinc assets accounting for under 5% of BHP’s 2014 profit. BHP shareholders received 1 share of… Read More »
Yesterday, Yahoo(YHOO) shares plunged on word that the IRS was examining treatment of asset-rich spinoffs. In a statement emailed to the Wall Street Journal, a Yahoo spokesperson stated that they expect no impact to the spinoff that is planned. In an emailed statement, a Yahoo spokeswoman said that because the company filed its request with the IRS earlier… Read More »
In the last minute or so of trading today, Yahoo (YHOO) dropped 7.5% on huge volume. At the same time Alibaba (BABA) spiked. Readers will recall that Yahoo is spinning off its stake in Alibaba together with its small business unit. The move is expected to save billions of dollars in taxes. Though scant information is available, Twitter… Read More »
During last week’s shareholder meeting, Lear (LEA) CEO Matt Simoncini said the company would not be pursuing a spinoff of its electrical business after determining that it would destroy value and eliminate synergies. The breakup idea first surfaced in early February when Mick Mcguire’s Marcato Capital sent a letter to the board urging the company to consider spinning… Read More »
The YUM Brands (YUM) spinoff story continues to develop and it feels like a spin is becoming more a matter of ‘when’ vs. ‘if’. Breakup speculation has been rife for quite some time, but the recent ‘catalyst’ of activist funds Corvex Capital and Third Point taking sizable stakes seems to have kicked the frenzy into a new gear. Apparently… Read More »
Like the famed bunny, the Energizer Holdings (ENR) spinoff just keeps on going more than a year after the initial announcement. These things do take awhile and it’s not like progress isn’t being made. For example, the company recently announced a $600m notes offering for the future household products company (mainly batteries) which will retain the Energizer name and… Read More »
The WSJ recently reported that ATM & cash register equipment maker NCR Corp (NCR) is considering ‘its strategic options’, including a possible spinoff or asset sale. NCR has a long and rich history, including making the first mechanical cash register, but the company’s stock price has been lagging as point of sale transactions and cash register use is… Read More »