Barely 2 weeks ago, Mural Oncology(MURA) announced it would be winding down operations, and likely returning any remaining cash to shareholders. We estimated that the value to shareholders of the 2023 Alkermes(ALKS) spinoff would be slightly less than $2, a disappointing outcome, but at least not a total loss. Today, Mural announced it had agreed to be acquired… Read More »
Teleflex Spinoff Teleflex(TFX) spinoff- a name so bland that we can only hope it gets changed in the spinoff. . As announced on February 27, 2025, by mid‑2026, the company plans to spin off its Urology, Acute Care, and OEM businesses into a standalone, publicly traded company (“NewCo“), while RemainCo (“RemainCo”) will continue under the Teleflex name,… Read More »
Topgolf Callaway Spinoff Deferred Topgolf Callaway Brands(MODG) surprised investors this week by announcing it would delay the planned spinoff of its Topgolf entertainment unit, a reversal in both timing and tone from earlier guidance that pointed toward a late-2025 deal. The new expectation? Sometime in 2026, and only after the company recruits a permanent CEO to lead Topgolf… Read More »
McKesson Corporation (MCK), one of North America’s largest healthcare services giants, announced on May 8 that it plans to spin off its Medical-Surgical Solutions segment—a $11.4 billion revenue business—as a standalone company. The move is intended to allow McKesson to concentrate on its core pharmaceutical distribution and specialty biopharma services while granting the new entity autonomy to scale… Read More »
Medtronic (MDT) is preparing to spin off its Diabetes division, MiniMed into a standalone company with completion expected by mid‑ to late 2026, structured as an IPO followed by a split-off to shareholders, the company announced on May 21, 2025. The company’s presentation on the transaction can be found here. Led by Que Dallara, the division encompasses… Read More »
In November 2023, Alkermes plc (ALKS) spun off its oncology division into a new company: Mural Oncology plc (MURA). Armed with $275 million in cash, no debt, and a clean slate, the company was designed as a single-focus biotech aimed at bringing nemvaleukin alfa, an engineered IL-2 cytokine, through late-stage development. Less than two years later, the… Read More »
Earlier this week, I wrote about TOP Ships (TOPS) spinoff of Rubico (RUBI). At the time, shareholders were in limbo as while the ex-distribution date had been set as June 16, 2025, the distribution date had not been set. The company merely had suggested it would be in July. TOP missed that projection, by one day, announcing this… Read More »
Warner Brothers Discovery (WBD) has announced plans to split into two standalone, publicly traded companies by mid‑2026, separating its Streaming & Studios division (Warner Bros. Pictures, HBO, HBO Max, DC, and gaming) from its Global Networks division (CNN, TNT, TBS, Discovery Channel, HGTV, and more). The split will be tax-free to shareholders and will result in the… Read More »
TOP Ships Inc. (TOPS) announced that it would be spinning off Rubico Inc. into its own public company in July 2025, Rubico now officially owns two modern Suezmax tankers, providing investors with a clean, asset-backed entry into the marine energy infrastructure sector. Of course, a distribution date has still not been announced, and July is almost over, but… Read More »
Holcim(HCMLY) has officially cemented a new chapter in its corporate strategy, spinning off its North American arm as Amrize(AMRZ) on June 23, 2025, via a 100% dividend‑in‑kind distribution — Holcim shareholders received one share of Amrize for each Holcim share they held (Reuters). This landmark transaction, the largest spinoff of 2025 so far, unveiled a standalone building… Read More »
It’s a bird! It’s a plane! It’s a Liberty Broadband spinoff. Liberty Broadband (LBRDA) quietly completed another chapter in the John Malone spinoff saga this month, distributing shares of GCI Liberty(GLIBA)—a standalone Alaskan telecom provider—on July 14, 2025, to shareholders of record as of June 20. The transaction, which had been in the works for several quarters, marks… Read More »
Kraft Heinz (KHC) is reportedly preparing to spin off a large portion of its grocery brands—including Kraft, Oscar Mayer, Jell‑O, and Lunchables—into a standalone public company valued at up to $20 billion. The move would mark another dramatic restructuring in the food giant’s long history of breakups and mergers, and it could significantly reshape the packaged food industry… Read More »
Becton, Dickinson and Company (BDX) is poised to spin off its Biosciences & Diagnostic Solutions business—then merge it with Waters Corporation(WAT) in a reverse Morris Trust transaction valuing the deal at approximately $17.5 billion (Becton, Dickinson and Company). 📊 Key Deal Metrics & Structure Metric Details 2025 Pro Forma Sales ~$6.5 B combined revenues 2025 Pro Forma Adjusted EBITDA ~$2.0 B… Read More »
Like most would-be mining companies, Foremost Clean Energy(FMST) claims a large array of very promising prospects. A recent investor presentation touts the potentially valuable uranium and lithium deposits that the company has rights to. On January 30, 2025, this nanocap with a market cap of less than $18 million, will complete the spinoff of its gold and silver… Read More »
UPDATE(1/27/25): Apparently the “people familiar” with the situation were less familiar than they thought. Diageo denied any plan to sell Guinness. The UK distiller said it was responding to reports over Guinness and its 34% stake in Moet Hennessy, luxury-goods conglomerate LVMH’s drinks division. “We can confirm that we have no intention to sell either,” it said in a… Read More »