Let’s kick off the week with another edition of the always eclectic Spinoff Odds and Ends: 1) Thyssenkrupp Update We provided an update on thyssenkrupp’s (TKAMY) new ‘strategic direction’ last week. The JV with Tata Steel is out and the elevator business spinoff was scrapped for an IPO instead. Just a few days later though, the story seems… Read More »
Despite a history and reputation for outperformance, not every spinoff turns into a winner. I know, shocking, right? In this week’s edition of Odds & Ends we look at a few situations where shareholders have not been rewarded for holding on: FTD Companies (FTD), the flower delivery company, recently warned that it was hovering on life support. The… Read More »
Update on M&A Canyon Capital offered $12/share to acquire student loan processor Navient (NAVI), but the student loan servicing company’s management forcefully and publicly rejected the proposal. Basically, management felt the offer undervalued the company and want a bid more in the $14-15 range. Canyon was apparently surprised by the hostile tone since the offer represented a significant premium… Read More »