ConocoPhillips To Refine Itself Into Two Companies

ConocoPhillips(COP), one of the world’s six “supermajor” oil companies has decided that the benefits to vertical integration are not all they’re cracked up to be. The company announced today that it will be spinning off its refining business in the first half of 2012, leaving it as a pure-play exploration  and production business. At the time of the… Read More »

Sears Holdings Announces Plans To Spin Off Orchard Supply Hardware

Sears Holdings(SHLD) announced today that it plans to spin off Orchard Supply Hardware. Orchard operates 89 full service hardware stores in California, averaging 40,600 square feet.  No date or distribution ratio have been set, but the company does state in its S-1 that it hopes to trade under the OSHS symbol.  After the spinoff, ESL investments and affiliates,… Read More »

Cablevision Board Approves Spinoff Of AMC Networks; Date Set

The network behind Mad Men is about to be set free as Cablevision Systems’ (CVC) board of directors approved the spinoff of AMC Networks (formerly known as Rainbow Media). The new company will trade under the ticker AMCX with the share distribution occurring on June 30 to shareholders on June 16th (today).  Bear in mind that the Dolan family of NY basketball/hockey… Read More »

Tessera Sees Spin Potential For Imaging & Optics

Catching up on some news, Tessera Technologies (TSRA) announced in early April that it has hired GCA Savvian Advisors to explore strategic options for its imaging and optics business, including potentially spinning off the division. In the company’s words, the unit provides “cost-effective, high-quality camera functionality in consumer electronic products through technologies that include Extended Depth of Field… Read More »

Carrefour Delays Property Spin

Amazing just how quickly plans can change. Just a few months after announcing a grand restructuring plan including two spinoffs, French retailer Carrefour (CRERY) has shelved plans to spin off 25% of its property unit. Carrefour’s stock price has suffered since the spin announcements and the moves were generally derided by analysts and investors as not creating much… Read More »

Expedia Books TripAdvisor On The Next Flight Out

Companies with histories of spin-offs seem to have a penchant for that particular corporate transaction. Expedia (EXPE), which was spun out of IAC in 2005, announced today that they are planning on splitting the company into two separate pieces, TripAdvisor and Expedia Inc. TripAdvisor will run the current TripAdvisor Media Group, the world’s largest travel site, while Expedia… Read More »

CVR Finally Goes To Market

With the economy improving, markets roaring and volatility seemingly subsiding, companies are no longer afraid of approaching the capital markets. As a result, previously shelved spinoffs are now resurfacing. The latest is this week’s IPO of CVR Partners, the nitrogen fertilizer MLP subsidiary of CVR Energy (CVI). The IPO idea was first floated in 2008, but market conditions… Read More »

The SunCoke Rises Again

Sunoco (SUN) announced that the spinoff of SunCoke Energy took another step towards completion last week, as the company filed an S-1 registration statement with the SEC.  Many were nervous that the spin would be derailed due to litigation with ArcelorMittal (MT), one of SunCoke’s largest customers, however that issue appears to have been resolved via settlement. From… Read More »

Long Live The Pollo?

Maybe it’s not so good to be the king. While announcing its Q4 and FY 2010 earnings, Carrols Restaurant Group (TAST) announced plans to separate its Hispanic brands from its Burger King franchises (Q&A transcript here). The new company will operate the Pollo Tropical and Taco Cabana restaurants while Carrols will continue to run Burger King franchises, where,… Read More »

Medtronic Revives Physio-Control Spinoff

In an attempt to mimic the company’s lifesaving products, Medtronic (MDT) announced that plans to divest its Physio-Control subsidiary have been revived. While overshadowed by broader restructuring plans, the Physio announcement was made during the company’s Q3 earnings release and elaborated on (a bit) during the conference call by the company’s CFO, Gary Ellis (Q&A portion here). Unfortunately,… Read More »

The End Is Nigh For Seahawk and Pride

The final chapter of the Pride International (PDE)/Seahawk Drilling (HAWK) spinoff is nearly complete. Our earlier post noted that both companies were struggling and considering their respective strategic options. Two companies with the same goal, yet oh so different outcomes. Here is a quick update: Pride, an offshore rig contractor with a deep-water focus and international exposure,  agreed… Read More »