In January, under pressure from Elliott Management, Marathon Petroleum(MPC) announced a formal review of the company’s strategic options for its Speedway business. At the time, it seemed that a spinoff was both Elliott’s goal and a likely outcome of the review process. After all, the industry has seen several petroleum companies spin off their convenience store divisions. Marathon… Read More »
Judging by our tables and readership, spinoffs have become pretty popular and apparently, even Jim Cramer is a fan. Speaking on his show last week, Cramer exclaimed that he is ‘a huge backer of this break-up strategy, in part because the stock market prefers smaller, easy-to-understand, pure-play type companies over big, complicated conglomerates.’ Continuing with the spinoff theme, Cramer… Read More »
Murphy USA(MUSA) completed its first day of trading yesterday following its spinoff from Murphy Oil(MUR). The business, which is primarily Murphy’s retail gas station network, will be led by R. Andrew Clyde. Former parent Murphy Oil has new leadership as well, with the retiring Steven Cosse being replaced by Roger Jenkins. The spinoff, which was completed after the… Read More »
Murphy Oil (MUR) is currently a member of the S&P 500 and will remain so even after the spinoff of its retail business, Murphy USA. The new company will end up a little further down the chain though and will replace Strayer Education (STRA) in the S&P MidCap 400 index upon completion of the spin. Strayer will be booted… Read More »
Murphy Oil’s (MUR) board of directors formally approved the spinoff of its US retail marketing business, Murphy USA Inc, recently. The distribution is expected to be tax free and is set for August 30th to shareholders of record on August 21st. The new company will trade on the NYSE under the ticker ‘MUSA’ and MUR shareholders will receive… Read More »