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Eaton to Spin Off Lighting Unit

DUBLIN, Ireland … Power management company Eaton (NYSE:ETN) today announced that it intends to pursue a tax-free spin-off of its Lighting business. The spin-off will create an independent, publicly traded company and is expected to be completed by the end of 2019. Goldman Sachs is serving as Eaton’s financial advisor on the transaction. The Lighting business…

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Gap to Spin Off Old Navy

SAN FRANCISCO – February 28, 2019 – Gap Inc. (NYSE: GPS) today announced plans to create two independent publicly traded companies: Old Navy, a category-leader in family apparel, and a yet-to-benamed company (“NewCo”), which will consist of the iconic Gap brand, Athleta, Banana Republic, Intermix and Hill City. Gap Inc. expects to effect the separation through…

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Update on CEIX and CCR

On March 12, 2018, I had penned a note “Why CCR 14% yield is solid” on this site. For background, you can read it here. On February 7, 2019, Consol Energy (CEIX) and its MLP, Consol Coal Resources (CCR) released Q4-2018 results and provided  initial guidance for 2019.  Based upon the cash flow generated by…

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GE to Complete Transportation Spin on Feb 14

BOSTON, February 4, 2019  — GE (NYSE: GE) announced today that the Finance and Capital Allocation Committee of the GE Board of Directors has set a record date of February 14, 2019 for the spin-off of Transportation Systems Holdings Inc. (“SpinCo”), which will hold a portion of GE Transportation, a business unit of GE. Subject…

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Arconic to Potentially Spin Off Unit

NEW YORK–(BUSINESS WIRE)–Arconic Inc. (NYSE: ARNC) today reported fourth quarter 2018 and full year 2018 results. Arconic Chairman and Chief Executive Officer John Plant said, “Having been a Director of Arconic since 2016 and Chairman of the Board since 2017, I have a historical perspective of the Company and understand what we can achieve. I…

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FMC Corp to Distribute LTHM Shares

FMC Corporation (NYSE: FMC) announced today that its Board of Directors has approved the distribution of all of its remaining interest in Livent Corporation (“Livent”) (NYSE: LTHM) to FMC stockholders, payable on March 1, 2019, to shareholders of record as of 5:00 p.m. EST on February 25, 2019. Subject to the conditions described below, the FMC Board of Directors has authorized the…

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Henry Schein Completes Covetrus Spin-Off

MELVILLE, N.Y., Feb. 8, 2019 /PRNewswire/ — Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions for office-based dental and medical professionals, announced today the completion of the spin-off of its animal health business as the Company tightens its focus on driving growth in existing dental and medical markets while pursuing new investment opportunities. As…

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Ecolab to Spin Off Upstream Unit

ST. PAUL, Minn.–(BUSINESS WIRE)– Ecolab Inc. is announcing it plans to spin off its Upstream energy businesses as a stand-alone publicly-traded company. The Upstream Energy business currently operates within Ecolab’s Energy segment and consists of the Oil Field Chemicals production business and the WellChem drilling and well completion chemistry business. Ecolab plans to retain the…

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Marathon Questions e.l.f. Mgmt’s Credibility

Purpose of Transaction. Item 4 is hereby amended to add the following: On January 25, 2019, Marathon Partners delivered a letter (the “Letter”) to the Issuer’s board of directors (the “Board”) recommending, among other things, that the Board undertake a comprehensive review of the Issuer’s operating strategy, corporate governance practices and executive compensation plans. Marathon…

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Cannell Files a Detailed Plan for Lee Ent.

Dear Fellow Shareholders, As one of the largest shareholders of Lee Enterprises, Inc. (“LEE”), Cannell Capital LLC (“CC”) allocates resources to help you. CC owns LEE because we think that great value lies within, value which can be unlocked through the introduction of new stewards of shareholders. The incumbent board is stale, lethargic and devoid…

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Ironwood Files Form 10 for Cyclerion

          , 2019 Dear Future Cyclerion Shareholder:         On behalf of the entire Cyclerion team, I am pleased to welcome you as a future shareholder of our new company.         Cyclerion will be a clinical-stage biopharmaceutical company focused on harnessing the full therapeutic potential of nitric oxide signaling through development of next-generation soluble guanylate cyclase, or sGC, stimulators….

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Henry Schein Revises Spin-Off Date

MELVILLE, N.Y. – January 16, 2019 – Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care products and services to office-based dental, animal health and medical practitioners, announced today that in connection with the previously announced spin-off of its Henry Schein Animal Health Business, its Board of Directors has now changed from February 4, 2019 to…

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NETGEAR Distributes Arlo Tech Shares

SAN JOSE, Calif., Dec. 31, 2018 (GLOBE NEWSWIRE) — NETGEAR, Inc. (NASDAQ: NTGR) today announced that it has completed its previously announced distribution of 62,500,000 shares of common stock of Arlo Technologies, Inc. (NYSE: ARLO) owned by NETGEAR, representing approximately 84.2% of the outstanding shares of Arlo common stock. After the completion of the distribution,…

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CPLP Files Form 10 for Athena SpinCo

Dear Capital Product Partners L.P. unitholders: We are pleased to inform you that, on            , 2019, the board of directors of Capital Product Partners L.P. (“CPLP”) declared the distribution of all 12,725,000 outstanding common shares of Athena SpinCo Inc. (“Athena SpinCo”), a wholly owned subsidiary of CPLP, to holders of CPLP common units and…

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Engaged Cap Wants DFRG Sold Immediately

Newport Beach, CA, December 6, 2018 – Engaged Capital, LLC, an investment firm specializing in enhancing the value of small and mid-cap North American equities, today sent a letter to the Board of Directors of Del Frisco’s Restaurant Group, Inc. (NASDAQ:DFRG). The full text of the letter follows: December 6, 2018 Del Frisco’s Restaurant Group, Inc….

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Mallinckrodt to Spin Off Generic Biz

STAINES-UPON-THAMES, United Kingdom – Dec. 6, 2018—Mallinckrodt plc (NYSE: MNK), a leading global specialty pharmaceutical company, today announced plans to spin off a new company consisting of Mallinckrodt’s Specialty Generics/Active Pharmaceutical Ingredients (Specialty Generics) business and AMITIZA® (lubiprostone) to Mallinckrodt shareholders, subject to final Board approval. The separation is expected to create two independent, appropriately capitalized, publicly…

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FrontFour Calls for Changes at MDCA

Purpose of Transaction. The Reporting Persons purchased the securities of the Issuer reported herein based on their belief that such securities, when purchased, were undervalued and represented an attractive investment opportunity. Over the past several months, FrontFour Capital (together with its affiliates, “FrontFour”) has engaged in communications with the Issuer’s management team and Board of…

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Simcoe Capital Voices Concerns Over DFIN Performance

The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were and continue to be substantially undervalued, particularly when considering the Issuer’s growing software as a service (SaaS) revenue streams and strong, consistent free cash flow generation. The Reporting Persons are supportive of the Issuer’s management team as…

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UTX to Split Into Three Cos

FARMINGTON, Conn., Nov. 26, 2018 /PRNewswire/ — United Technologies Corp. (NYSE: UTX) today announced the completion of its acquisition of Rockwell Collins (NYSE: COL) and the company’s intention to separate its commercial businesses, Otis and Carrier (formerly CCS), into independent entities. The separation will result in three global, industry-leading companies: United Technologies, comprised of Collins Aerospace Systems…

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Cruiser Thinks ASH Stock Worth 53% More

New York, NY – (November 20, 2018) – Cruiser Capital Advisors, LLC (“Cruiser”), the beneficial owner of approximately 2.5% of the shares of Ashland Global Holdings Inc. (“Ashland” or “the Company”) (NYSE: ASH), today issued a public letter to the Ashland Board of Directors (the “Board”) outlining Cruiser’s concerns. The full text of the letter is…