Tag Archives: Exchange Offer

CBS Radio To Merge With Entercom(ETM) In Reverse Morris Trust Transaction

Last March, we reported that CBS(CBS) was considering ‘strategic options’ for its radio business.  After it was unable to find a buyer, the company moved forward with plans for an IPO and spinoff of CBS Radio. Today, the company again announced a change of plans. Instead of an IPO, the company will be spun off and immediately merge… Read More »

Georgia (Gulf) On My Mind, Or Is It Axiall?: Investors Sing An Old Sweet Song as An Exchange Offer Brings Profits, New Name

The trend towards tax-efficient divestitures continues with Axiall (AXLL) – previously called Georgia Gulf Corporation – obtaining PPG’s (PPG) former commodity chemicals business using a Reverse Morris Trust.  The trend of using Reverse Morris Trusts to ‘sell’ divisions has been previously reported by Stock Spinoffs here. In the transaction, PPG created a short-lived spinoff, Eagle Spinco, and allowed… Read More »