It was way back in June 2010, when Sunoco(SUN) first announced its intention to spin SunCoke(SXC) into a separate company. One year later, in July 2011, the company conducted an IPO of SunCoke shares. This week the company completed the process on January 17 by distributing the 80.9% of SunCoke shares it owned to shareholders at a rate… Read More »
While picking out a name for a newborn child is fun and exciting, it is also a really stressful decision. Everyone seems to have an opinion and it really will affect the child for the rest of his or her life (yes, I am talking about you Apple, Blue and Brooklyn). So I am sure it must challenging… Read More »
With General Growth Properties (GGP) completing another spinoff,Rouse(RSE) last week, it is worth checking in on how its first spinoff, the Howard Hughes Corporation (HHC), has fared. Here is a recent chart detailing HHC’s stock price since inception (apologies for the charting software – on vacation): It has been quite a wild ride for the company – a relatively… Read More »
Swire Properties was spun off from Swire Pacific and began trading in Hong Kong today. The newly-independent property unit is trading at HK$17.42 far below its adjusted book value of $HK29.20. Former parent Swire Pacific, which also owns Cathay Pacific airlines, offshore vessels, and is a Coca Cola bottler, traded down 2.7% to HK$76.80 on the distribution. Disclosure:… Read More »
Ralcorp’s(RAH) spinoff of Post(POST) is finally coming into view. Ralcorp announcedthis morning that Post shares will be distributed on February 3 to Ralcorp shareholders of record as of January 30. Investors will receive 1 Post share for every 2 shares of Ralcorp they own. Approximately 34.5 million Post shares will be outstanding following the distribution. Post shares are… Read More »
General Growth Properties(GGP) released informations to help shareholders who received Rouse(RSE) shares in the recent spinoff calculate their tax liabilities. The press release: CHICAGO, Jan. 17, 2012 /PRNewswire/ — On January 12, 2012, General Growth Properties, Inc. distributed (the “Distribution”) its shares in RPI to the shareholders of record as of the close of business on December 30, 2011… Read More »
We’ve written before about the puzzle of Orchard Supply Hardware Preferred(OSHSP). This preferred issue was spun off from Sears Holdings(SHLD) together with Orchard Supply Common(OSH). While we’re still not sure how to value them, thanks to Laurie Frederiksen, COO of bivio.com for pointing out some tricky tax treatment for their distribution. It seems that unlike most spinoffs which… Read More »
We’ve previously discussed Ralcorp’s(RAH) plans to spin off Post Cereal(POST) here, here and when it was announced in July. The company issued a press release yesterday, reiterating that it is on track for completion at the end of January, and announcing the Boards of Directors for each company. Brief biographies as provided by Ralcorp: The following are brief biographies of… Read More »
One of the more interesting (and attractive) attributes of spinoffs is that they don’t typically get a lot of attention from the media or ‘The Street’. Much rather talk about a birth (IPO) or a marriage (M&A) than a breakup. That has changed a bit over the past year though as several high profile companies announced spinoffs, which… Read More »
Despite calls by some investors to spin off its Frito-Lay snack food division, Pepsi(PEP) appears ready to continue to remain a single entity. The company has languished during CEO Indra Nooyi’s tenure, rising just 1% in 5 years. The WSJ reports that “A breakup of the company appears unlikely, although the board has looked at the idea.” Instead,… Read More »
Confirming reports from Geekwire, AllThingsD learned from an Expedia (EXPE) spokesperson that Company President Scott Durchslag has resigned after 14 months on the job. The company said that CEO Dana Khosrowshahi would assume the additional role of President. Expedia CFO Michael Adler recently left after the completion of the TripAdvisor (TRIP) spinoff. Durchslag had previously held senior positions… Read More »
General Growth Properties (GGP) is an unusual story, delivering profits to pre-bankruptcy shareholders and featuring several investing luminaries among its shareholders. It has now completed its second spinoff in a little more than a year, as Rouse Properties (RSE) begins trading regular way tomorrow. Rouse completes trading on a when-issued basis at $11.30. Rouse, which we previously wrote… Read More »
Comverse Technology(CMVT) announced plans today to spin off its wholly-owned subsidiary, Comverse. Confused? Comverse Technology is a holding company with 3 major assets: Comverse, a supplier of software and systems to telecommunications companies, majority ownership of Verint(VRNT), and majority ownership of Starhome, a private company. Comverse declared its intention to unwind its holding company structure and distributing Comverse… Read More »
WPX Energy(WPX) which was spun off from Williams(WMB) at the beginning of the month, has announced its Board Of Directors. The company which has 1.6 million acres under lease, appointed 9 Directors to join Chairman William G. Lowrie. The press release provides the following biographical data for the Directors: Kimberly S. Bowers is the executive… Read More »
Spin is not a word you typically want associated with aircraft, but if a report by Reuters is correct, investors in Textron(TXT) may soon own shares in a Bell helicopter or Cessna aircraft spinoff. Citing “sources familiar with the situation”, Reuters says that the company is conducting a strategic review which may result in spinning off pieces of… Read More »