It’s almost here. SPX Corporation (SPW) is set to complete the spinoff of SPX FLOW (FLOW-wi) this weekend and the new company will start trading under the ticker ‘FLOW’ on Monday. Shareholders will receive 1 share of FLOW for every SPW share owned and after the spin off, the parent company will change its ticker to ‘SPXC’. Sounds… Read More »
Fidelity National Financial (FNF) went on a buying spree during the crisis and snapped up an eclectic bunch of assets. The company set up a tracking stock, quite a rare breed, FNFV, in order to track the value of this eclectic group of businesses. After some prodding from Corvex Capital, the company is now in the process of monetizing… Read More »
Now, let me tell you a little bit about Bob Evans(BOBE). This ain’t no Bob’s Broccoli Buffet, this here is a pile your plate high with sausage and go back fer more kind of place. We reported in March that, despite pressure from Sandell Asset Management, the company would not be spinning off its packaged foods business, and… Read More »
Betting on distressed residential real estate became extraordinarily popular post-crisis and the space even attracted some big money names including Blackstone (BX) and Colony Capital (CLNY). Barry Sternlicht’s Starwood Property Trust (STWD) was another entrant and in early 2014 the company spun off its single family residential real estate assets into the Starwood Waypoint Residential Trust (SWAY). The macro trends… Read More »
After ceasing buyout discussions with Ariad Pharmaceuticals (ARIA) due to disagreements over price, Baxalta (BXLT) is apparently still in play. The WSJ recently reported that Shire (SHPG) is still trying to consummate a deal with the drug company after having its hostile, all-stock offer rejected earlier this summer. As a quick refresher, Shire surprisingly unveiled an offer of 0.1687 ADRs… Read More »
The Dolan family has spent the better part of the decade spinning off assets. The dynasty behind Cablevision(CVC) spun off the Madison Square Garden Company(MSG) in 2010, followed by AMC Networks(AMCX) in 2011. Now, all three companies are in the midst of radical transformations. Early this morning, Cablevision announced that it would be acquired by French telecom Altice… Read More »
SPX Corporation (SPW) is currently in the process of spinning off its flow products into the cleverly titled SPX FLOW. The board has approved the transaction and on September 26th, shareholders as of September 16th with receive one share of the new company for every SPW share owned. SPX FLOW is expected to generate ~$2.5b of revenue and… Read More »
Capital Southwest Corporation(CSWC), a Business Development Company, announced late last year that it would spin off its industrial products, coatings, sealants and adhesives and specialty chemicals businesses into a separate, publicly traded company. Yesterday, the company announced that its Board of Directors had approved the spinoff of CSW Industrials. The new company will trade under the ticker CSWI. Shareholders… Read More »
After months of putting on a brave face in the face of mounting IRS resistance to its proposed spinoff of Alibaba(BABA) shares as Aabaco Holdings, Yahoo(YHOO) was served another setback last week. In a filing late today, the comapny revealed that the IRS had declined to issue a ruling on the taxable status of the transaction. On January 27,… Read More »
A few links to settle back in after the long Labor Day weekend: Spinoffs are all the rage and conglomerates are dropping like flies. While GE (GE) and others are currently slimming down, the WSJ notes that Honeywell (HON) is the rare outperforming conglomerate that is actually being cheered for its diversified position. Whether that remains the case… Read More »
Cree(CREE), a leader in LED lighting also has a North Carolina-based Power & RF business which has no overlap with the core business. In May, the company announced that it planned an IPO of the Power & RF business, and that it had filed with the SEC towards that goal. The company plans to sell a minority stake… Read More »
Verizon(VZ) is a proto-spinoff. At its core rest two of the original baby bells, Bell Atlantic and NYNEX, although it didn’t take on the Verizon moniker until after its merger with GTE(as part of that merger, GTE spun off Genuity). Verizon later purchased other spinoff related companies such as Alltel, which had spun off its wireline business into… Read More »
How quickly things change. Last week, word was Baxter (BAX) spinoff Baxalta (BXLT) was in talks to acquire oncology focused Ariad Pharmaceuticals (ARIA). The rumored $2b price tag sent Ariad shares soaring, but alas, today shares are crashing on word the deal has been called off. According to Bloomberg, there were a couple of pretty big issues that emerged:… Read More »
One the most anticipated spinoffs during the Summer of Spin was eBay’s (EBAY) spinoff of PayPal (PYPL). Both activists (Carl Icahn) and tech kings (Elon Musk) urged the company to make the move, but it didn’t help the initial performance as the stock took a slight dive in its first few days of trading. A few days of… Read More »
Just two months after its spinoff from Baxter International(BAX), as it continues to reject acquisition interest from Shire(SHPG), Baxalta(BXLT) is in talks to acquire Ariad Pharmaceuticals(ARIA). Ariad jumped 42% on the news last Friday, valuing the oncology company at nearly $2 billion. What is driving this potential acquisition? Is it the “Promise of the Baxalta Spark“? Perhaps it’s… Read More »