The unprecedented number of spins this week has kept the folks at S&P working overtime making changes to their indexes. Last week, AOL(AOL), a spinoff of Time Warner(TWX) was acquired by Verizon(VZ), a conglomeration of several spinoffs of the original AT&T(T). As a result, Casey’s General Stores(CASY) will move from the S&P SmallCap 600 to take its spot in… Read More »
Energizer Holdings(ENR) will be completing its spinoff of Energizer Holdings tomorrow, July 1, 2015, and renaming itself Edgewell Personal Care(EPC). Shareholders as of June 12 will receive one share of New Energizer for each share held. An explanation for the Edgewell name and its power, strength and beauty can be found here. Though Edgewell management is bullish on… Read More »
The ‘Summer Of Spin’ kicked off yesterday with Gannett transforming itself into the bizarrely titled TEGNA (TGNA). The ‘New Gannett’ (GCI), containing the publishing assets, was spun off to shareholders who should have received 1 share of new Gannett for every 2 shares of the old Gannett owned. Prior to the spin, the companies revealed separate buyback and dividend plans… Read More »
Calling all spinoff lovers – it’s time to get your hard hats on because the end of this month is going to be crazy. Just call it the ‘Summer of Spin’. In the somewhat improbable five plus years we have been running this site (and I am willing to bet over the course of history), there has never… Read More »
The Summer Of Spinoffs continues on July 1 with NiSource’s(NI) spinoff of the Columbia Pipeline Group(CPGX). NiSource shareholders as of June 19 will receive one CPGX share on July 1 for every NiSource share held. Columbia’s new board has already approved ambitious expansion plans. The company plans to grow EBITDA by 20% annually and dividend by 15% annually… Read More »
Graham Holdings Company(GHC) was, not long ago, The Washington Post Company. But after the sale of The Washington Post to Jeff Bezos in 2013, the name needed to change. The Washington Post was neither the first nor the last asset bought or sold as Donald Graham radically transforms the company he inherited from his mother Katherine. Previously, Newsweek… Read More »
For the past month, Yahoo (YHOO) has been awash with uncertainty over saber rattling by the IRS that calls the tax-free nature of the spinoff of its Alibaba(BABA) stake into question. Last week, Marissa Mayer downplayed concerns. This week, Yahoo General Counsel Ron Bell tried to do the same. Yahoo! Inc. is working with tax officials to complete… Read More »
Late last year, management at Babcock & Wilcox (BWC) was considering whether or not a breakup of its businesses made sense. Given the company name, it’s no surprise the company opted to produce some progeny and shortly thereafter it announced that it would spin off its power generation business. The new company will be named Babcock & Wilcox… Read More »
Paging Maverick and Iceman. Last June, Masco(MAS) CEO Keith Allman signaled that structural change was afoot. A year later, the company is poised to spinoff its Installation and Services business into TopBuild(BLD). Masco shareholders as of June 19, 2015 will, on June 30, 2015, receive one TopBuild share for every nine Masco shares held. Keith Allman, Masco’s President… Read More »
TriMas(TRS) has had a long and winding road as a company. It originally began life as Campbell Industries, headed up by former Masco(MAS) executive Brian Campbell. Masco backed Campbell and sold many of its smaller manufacturing businesses to Campbell, resulting in a name change to TriMas. TriMas, owned largely by Masco, continued to acquire manufacturing assets until its… Read More »
As previously discussed, Baxter International (BAX) will be spinning off Baxalta (BXLT) after the close of business on June 30. As is often the case with larger spinoffs this will result in some S&P index reshuffling. First, Baxter will no longer be large enough to remain a member of the S&P 100 and will be replaced by Priceline… Read More »
On May 19th, Yahoo’s (YHOO) stock plunged at the close after word leaked that the IRS was reviewing its rules regarding spinoffs. This was big news because Yahoo, after months of prodding by numerous activists, is in the process of spinning off its $30+b stake in Alibaba (BABA). A spinoff will help the company avoid a massive tax bill estimated… Read More »
You may never heard of Baxter International(BAX), but the $37 Billion behemoth may have saved your life. Now, the company is slimming down, as the Board has approved the July 1 spinoff of Baxalta(BXLT). Shareholders of record as of June 17 will receive one share of Baxalta for each Baxter share owned. Baxter will retain 19.5% of Baxalta… Read More »
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 »