Tag Archives: Exchange Offer

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

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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

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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 »