It’s been a little over 10 months since the last Odds & Ends so the time is right to bring this fan favorite back. 1. Yet Another Value Blog recently posted a lengthy, in depth series analyzing the media industry. The most recent edition – another great read – is focused on sports rights and sports investing. The… Read More »
With its stock in freefall, Mallinckrodt(MNK) announced plans to move forward with a spinoff announced late last year. Mallinckrodt stock, which traded for over $130 per share in March 2015, was $62.58 when we wrote about it in November 2015, and $18.67 when we discussed it in December 2018. In the last 6 months, it has fallen another… Read More »
Well over a century ago, brothers Gustav, Otto and Edward Mallinckrodt founded a chemical company. Today, the company that still bears their name plans a spinoff to try to recreate some of the value that has been lost in the last few years. Mallinckrodt(MNK) today is a second generation spinoff. Grandfather Tyco executed a spinoff of Covidien in… Read More »
Pentair’s (PNR) completed the spinoff of its electrical business, nVent Electric (NVT), after the close yesterday. The new company will commence trading on the NYSE today and shareholders should have received one share of NVT for every PNR share owned. Pentair CEO John Stauch wished his colleagues at nVent much ‘success’ and believes Pentair is now ‘well positioned… Read More »
Grab a tissue and say farewell to the Tyco (TYC) name. The former high flying conglomerate has a complicated history full of acquisitions (lots of those), strategy shifts, scandal ($6,000 shower curtains!) and of course, a lot of spinoffs. Current DuPont (DD) CEO Ed Breen smashed the company apart not once, but twice, creating three entities in both… Read More »
A few short hits to kick off the week: Marketfolly posts a copy of Third Point Capital’s Q3 newsletter in which chief Dan Loeb talks about the firm’s position in Baxter International (BAX). Mr. Loeb is a big fan of new CEO Jose ‘Joe’ Almeida which shouldn’t come as much of a surprise given that the fund’s board representative helped… Read More »
Mallinckrodt(MNK) began the week trading at $70 per share. Six months ago, it was above $130. Today, after some comments from Andrew Left of Citron Research, it trades at $62.58, having touched as low as $52.01. The drug company was spun off of Covidien in 2013. Covidien, which had spun out of Tyco(TYC), was acquired in 2014 by… Read More »
Merger Mondays are back. The latest mega deal announced is Medtronic’s (MDT) ~$42.9b takeover of device maker Covidien (COV). The deal price represents a ~30% premium and includes $35.19 of cash and 0.956 Medtronic shares. While Medtronic’s management is out touting the numerous cost savings and synergies gained through the deal, the main motivation behind the deal appears to… Read More »
Last Friday, Covidien (COV) announced that its Board Of Directors had given final approval for its long-planned spinoff of Mallinckrodt. Shareholders of record of Covidien as of June 19 will receive one share of Mallinckrodt (MNK) on June 28 for every eight shares of Covidien that they own. The company expects that both Covidien and Mallinckrodt will begin… Read More »