Spin-Off

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AkzoNobel to Spin Off Spec Chem Unit

Creation of two focused, high-performing businesses with sustainable growth plans Separation of Specialty Chemicals within 12 months: the vast majority of net proceeds will be returned to shareholders Increased financial guidance* for 2020: Paints and Coatings: 15% ROS, ROI >25%; Specialty Chemicals: 16% ROS, ROI >20% €1.6 billion to be returned to shareholders for 2017…

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Why Ingevity Spin-Off Quickly 2-Bagged?

I recently updated the spreadsheet in which I track spinoff pipeline and post-spin stock performance.  Next I pulled up stock charts of spins from the past 12 months: I noticed a mix of losers, winners and even some flat-liners.   But one thing becomes crystal clear in looking at these charts: A very large majority…

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Interexon Spinoff Aquabounty Trading When-Issued

Intrexon Corporation, a leader in the engineering and industrialization of biology to improve the quality of life and health of the planet, today announced that, in connection with the previously announced special stock dividend of 1,776,557 shares of AquaBounty Technologies, Inc. (“AquaBounty”) common stock (after taking into account the 1:30 reverse stock split of AquaBounty…

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Overseas Shipholding Completes INSW Spin-Off

Overseas Shipholding Group, Inc. has completed the previously announced separation of OSG into two independent, publicly traded companies: Overseas Shipholding Group and International Seaways (NYSE:INSW). “Today marks the start of an exciting new chapter for OSG. We are now a more sharply focused company with a leading and diversified position in the Jones Act market,”…

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Huntsman Files Form 10 for Spin-Off

Form 10 Highlights On October 28, 2016, our subsidiary, temporarily named Huntsman Spin Corporation, filed an initial Form 10 registration statement with the U.S. Securities and Exchange Commission for the previously announced spin-off of our Pigments & Additives and Textile Effects businesses. Subject to market conditions, we plan to separate these businesses from Huntsman in…

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Vornado to Spin Off DC Unit

VORNADO REALTY TRUST has approved a tax-free spin-off of its Washington, DC business, currently known as Vornado/Charles E. Smith, and that it has entered into a definitive agreement to merge SpinCo with the operating company and certain select assets of The JBG Companies (“JBG”), a leading Washington, DC real estate company. The combined company will…

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Sealed Air to Spin Off Food Care Unit

Sealed Air Corporation plans to pursue the spin-off of its Diversey Care division and the food hygiene and cleaning business within its Food Care division, while the remaining Sealed Air business will continue as an independent public company. Under the plan, if effectuated, Sealed Air’s shareholders would own 100% of the common stock of New…

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HPE to Spin Off Non-Core Assets

Hewlett Packard Enterprise will spin-off and merge its non-core software assets with Micro Focus (LSE:MCRO) in a transaction valued at approximately $8.8 billion. The combination of these software assets — which includes HPE’s Application Delivery Management, Big Data, Enterprise Security, Information Management & Governance and IT Operations Management businesses — and Micro Focus’ highly complementary portfolio…

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Overseas Shipholding to Spin Off Int’l Unit

Overseas Shipholding Group, Inc. announced the filing of a registration statement on Form 10 with the U.S. Securities and Exchange Commission, in connection with the Company’s previously announced plan to separate its international and domestic businesses. OSG expects that any separation would be achieved through a spin-off of OSG International, Inc. in the second half…

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Neustar to Split into Two ($1.32B)

Neustar, Inc. (NSR) announced its intention to separate into two independent and publicly traded companies. One company will consist of the majority of Neustar’s Information Services, while the other will focus on providing Order Management & Numbering Services. Neustar intends to accomplish the separation through a tax-free spin-off. “Five years ago, Neustar embarked on a…

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Worst Ten 2015 Spin-offs

#10: Horizon Global Corporation; HZN; Market Cap $213M; Well recognized brands and decent free cash flow generator, likely take-out target. #9: SPX Flow Inc; FLOW; $1.23B #8: Northstar Realty Europe; NRE; $664M; Externally managed REIT and so rife with conflicts of interests.. #7: Talen energy Corporation; TLN; $1.77B; Electric power producer being acquired by Riverstone…

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Varian to Spin Off Components Unit ($8B)

Varian Medical Systems plans to spin off its Imaging Components business as a new, stand-alone public company via a tax-free distribution to Varian stockholders in a transaction anticipated to be completed by the end of calendar year 2016. “The spin-off will create two strong, independent companies,” said Dow Wilson, CEO of Varian Medical Systems.  “It…

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Honeywell to Spin Off Nylon Unit ($87B)

Honeywell announced today its intention to spin off its Resins and Chemicals business into a standalone, publicly-traded company named AdvanSix Inc. Honeywell will file a Form 10 relating to the transaction with the Securities and Exchange Commission shortly. Completion of the transaction is expected to occur by early 2017 and is subject to certain customary conditions,…

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HCP to Spin Off Skilled Nursing Unit ($16.9B)

Link to Investor Presentation: http://ir.hcpi.com/download/Proposed+Spin-Off+Presentation.pdf HCP announced that the Company’s Board of Directors has unanimously approved a plan to spin off its HCR ManorCare (“HCRMC”) portfolio of skilled nursing (“SNF”) and assisted living assets, as well as other skilled nursing assets, into an independent, publicly-traded REIT (“SpinCo”). The spin-off transaction will enable HCP to improve its…

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Biogen to Spin Off Hemophilia Unit ($60B)

Biogen Inc. intends to spin off its hemophilia business as an independent, publicly traded company. The strategic goal of this transaction is to create two focused companies dedicated to driving current and future value in their respective therapeutic areas of expertise. “We expect that the new company will be a leader in discovering, developing, and commercializing…

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Pinnacle Entertainment Completes Spin ($679M)

Gaming and Leisure Properties, Inc. and Pinnacle Entertainment, Inc. have successfully completed the previously announced transactions pursuant to which GLPI has acquired substantially all of Pinnacle’s real estate assets. The acquisition was effected through a series of transactions, including the spin-off of Pinnacle’s operating business, real property of Belterra Park Gaming and Entertainment Center and certain…

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Hilton to Spin Off TimeShare Biz ($20B)

Hilton Worldwide plans to enhance long-term shareholder value by spinning off the bulk of its real estate business into a publicly traded real estate investment trust (REIT) and by spinning off its timeshare business, Hilton Grand Vacations (HGV), as a separate publicly traded company. “The transactions we announced today will result in three pure-play companies, enabling…

Best & Worst 2014 Spin-Offs

Ticker Co Name Mkt cap($MM) Began Trading 1st Day Close Current Price Return 52-Wk-H Off 52-W-H PGNPF Paragon offshore 7 7/23/14 $11.68 $0.08 -99% $3.40 -98% SSE Seventy Seven Energy 18 6/17/14 $24.64 $0.32 -99% $6.30 -95% CRC California Resources 399 11/13/14 $8.10 $1.03 -87% $9.86 -90% CTRV ContraVir Pharma 27 2/10/14 $0.75 $0.98 31%…