It’s Not Rocket Science! ATK And Orbital Shareholders Approve Merger Setting Stage For Vista Outdoor Spinoff

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During a pair of special meetings, shareholders at both Alliance Techsystems (ATK) and Orbital Sciences (ORB) overwhelmingly approved their proposed merger. Nearly 100% of votes cast were in favor and hey, why should a rocket explosion spoil a good deal? Orbital shareholders will receive 0.449 shares of ATK common stock for each ORB share owned, effectively giving Orbital shareholders… Read More »

Manitowoc Yields To Activist Pressure And Will Spin Off Foodservice Business

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Less than seven years after turning itself into a more diversified conglomerate with the purchase of Enodis, Manitowoc (MTW) reversed course and announced that it would separate its foodservice business from its crane equipment unit. The move comes after severe pressure from several activist investors, beginning with Relational Investors last summer and more recently from Carl Icahn who seemed… Read More »

Capital Southwest To Spin Off Industrial Unit To Shareholders

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Much like Real Estate Investment Trusts(REITs), Business Development Companies(BDCs) are a corporate structure that bypasses corporate taxes, and has shareholders pay taxes at their own rates, according to their ownership. Capital Southwest Corporation(CSWC) is a Dallas-based BDC which has built up an Industrials business through decades of acquisitions. In December, CEO Joe Armes announced a plan to spin… Read More »

TriMas Tri-es To Unlock Value With Cequent Spinoff

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Catching up on some news from the end of last year, TriMas Corporation (TRS) announced plans to spinoff its Cequent segments, which provide custom-engineered towing, trailer and cargo management products, into a standalone company. Post-spinoff, TriMas will be a more focused, diversified engineered products company. Love seeing the phrases ‘more focused’ and ‘diversified’ being used together like that, but… Read More »

Vornado Completes Spinoff Of Urban Edge Properties And Will Remain in S&P 500; Spin Joining Midcap 400

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Vornado Realty Trust (VNO) completed the spinoff of its strip mall business, Urban Edge Properties, after the close yesterday. As a reminder, Vornado shareholders should have received 1 share of Urban Edge for every 2 shares of VNO owned. Vornado is currently a member of the S&P 500 index and will remain so post spinoff. Urban Edge, which… Read More »

Boxed In: Jim Cramer Be Damned, Qdoba Is Not Running For The Border

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Every venture capitalist and investor has heard one of these classic, hype-inducing pitch lines before: This is the next (insert name of successful company) We are the (insert name of successful company) of (different industry) Well, if you are selling burritos, then it’s all about being the next Chipotle (CMG). That was the buzz surrounding the 2012 Fiesta… Read More »

Looking To Break Up A Bank? WSJ Says Forget JP Morgan and Look At Citi Instead

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Analysts at Goldman Sachs (GS) made waves last week suggesting that megabank JP Morgan (JPM) break itself up in response to the heavy capital restrictions imposed on the bank by the Fed.The WSJ’s Heard On The Street column thinks it’s a good idea, just tossed at the wrong bank. Instead of the House of Dimon, the WSJ thinks… Read More »

Distribution Ratio Set For Vista Outdoor By Alliant Techsystems

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Alliant Techsystems(ATK) has taken another step forward towards its spinoff of Vista Outdoor and subsequent merger with Orbital Sciences(ORB).  The transaction, which is back on track after a delay caused by the fiery explosion of an Orbital Sciences Antares rocket, is now expected to be completed on February 9.  ATK shareholders will receive two shares of Vista Outdoor,… Read More »

Vornado Realty Approves Spinoff of Strip Mall Business Urban Edge Properties

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It’s amazing how much stuff gets done on December 23rd because no one wants to work during the holidays. That includes corporate boards, such as the one at Vornado Realty Trust (VNO) which approved the spinoff of the majority of its retail strip malls, Urban Edge Properties. The distribution is expected to take place on January 15th to… Read More »

Icahn Picks Up The Fight Against Manitowoc

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In the middle of 2014, Relational Investors was busy notching another activist victory, this time at Timken (TKR), while also building up the case on its newest target, The Manitowoc Company (MTW). In short, the firm argued that a foodservice business selling machinery to restaurants didn’t have any reason to be paired with a crane equipment business. As… Read More »