Solstice Advanced Materials is wasting little time as an independent company. Less than a year after Honeywell completed the Solstice spinoff, Solstice agreed to acquire Element Solutions in a cash-and-stock transaction valued at approximately $14.5 billion, including the assumption of net debt. Element shareholders will receive $10 in cash and 0.500 shares of Solstice common stock for each… Read More »
Automatic Data Processing (ADP) is poised to complete the spinoff of its dealer services business, CDK Global, on September 30th with ADP shareholders receiving 1 share of CDK for every 3 shares of ADP owned. ADP is currently an S&P 500 index constituent and will remain so following the distribution. CDK Global, which will trade under the ticker ‘CDK’,… Read More »
While some companies are new to spinning off divisions, others are known for their serial spinoffs. Few however, can match the fecundity of ITT(ITT)(nee International Telephone & Telegraph). ITT was born out of the Puerto Rico Telephone Company in 1920. Over the next half century, ITT was the classic conglomerate, buying such diverse companies as The Hartford Insurance,… Read More »