This week, three major Spinoffs (one in Australia and two in the United States) are completed. First is April 1 and the split between Howmet Aerospace (HWM, currently ARNC) and Arconic (new ARNC), followed by the Aussie break-up of Graincorp (GNC AU) and United Malt Group (UMG AU) on April 2. Lastly, on April 3, United Technologies (UTX) will list Carrier (CARR) and Otis (OTIS) in its long-awaited three-way Spinoff. Read inside for more, or check out the analysis on each of these situations.
30 Mar 2020
In addition to the companies announcing strategic reviews of their segments (with the potential results of a Spinoff further down the line), we've added two names to the Special Situations Event Preview this month we believe are prime for activist involvement to improve operations and generate value creation for shareholders. These names are The Cheesecake Factory, Inc. (CAKE) and J Sainsbury Plc (SBRY LN). Read on for more inside.
09 Mar 2020
Of the ten break-ups scheduled between now and the end of April, three Industrials Spinoffs are worth the deeper look: the Ingersoll-Rand / Gardner Denver (IR / GDI) RMT this week, the three-way break-up at United Technologies Corp. (UTX), and the Electrolux AB (ELUXB SS) listing of its Professional Products business. See our analysis on each for more details, and use the upcoming calendars to get a head start on the next set of Spins in Q2 2020.
27 Feb 2020
As we continue to dig into where the most returns can be made in the Spinoff space (like whether it's best to enter pre-Spin or which entities to hold), many companies have disclosed in this recent earnings cycle they are evaluating the potential value release from Spinning off their non-core segments. These potential Spinoffs join previously disclosed strategic reviews, privatizations, activism campaigns, and IPOs, and provide an alternative idea set from the formally announced Spinoffs.
10 Feb 2020
As highlighted on last month's calendar release, Q1 2020 is looking packed with interesting situations coming through on a global basis. There are currently three break-ups scheduled in the US (GLNG, MSG and IR-GDI) closely trailed by the three-way split at UTX in April, the Professional kitchen appliances Spinoff at Electrolux AB (ELUXB SS) in Europe, and two Spins in South Africa (INL SJ) and Australia (WOW AU) coming up. Look inside for these and the rest of 2020's break-ups.
17 Jan 2020
Looking ahead into the New Year, there are a number of high-profile strategic reviews that may result in break-up announcements. These include former Spin Barnes & Noble Education, Inc. (BNED), Celanese Corp. (CE), and Textron, Inc. (TXT), the latter of which is the only one of three to not yet announce from our "Three Strategic Reviews Seeking Value Creation" release in October. Read on for more of our calls on potential upcoming Spinoff announcements in 2020.
08 Jan 2020