What is a Reverse Morris Trust? You may have heard the terms Reverse Morris Trust or Morris Trust used in regards to a spinoff transaction. These terms describe two related types of transactions in which a company is able to sell assets without triggering a tax liability for either the company or shareholders. Naturally, this can be quite… Read More »
Hilton Worldwide Holdings(HLT) announced this morning that it has filed Form 10 registration statements for two previously announced spinoffs of its real estate and timeshare businesses. CEO Christopher J. Nassetta said the spins will be completed later this year. Following the transactions, Nassetta will continue to lead Hilton, which will be an asset-lite fee-based business. On a pro forma… Read More »
With all of the world focused on Starwood’s (HOT) buyout and the exciting bidding war between Anbang and Marriott International (MAR) it was easy to forget about the planned spinoff of Vistana, its timeshare business. It always seemed to get lumped into the bids, but as a reminder, the company will merge into the Interval Leisure Group (IILG)… Read More »
Last month, we reported speculation that Starwood Hotels(HOT) would be acquired by one of three Chinese hoteliers or Hyatt Hotels(H). An acquisition was indeed in the offing, but by a company unmentioned in those previous reports- Marriott International(MAR). Marriott announced yesterday that it would be acquiring Starwood for $12.2 billion. Not to worry, spinoff fans. Starwood’s spinoff of… Read More »
It looks a bidding war has emerged for Starwood Hotels (HOT), with three Chinese players and Hyatt Hotels (H) all chasing the well respected hospitality brand. Kudos to those i-bankers for drumming up the interest, especially given the fact that the Chinese government rarely lets its corporate citizens get into bidding wars. While M&A is always exciting to… Read More »