We're looking at strategic reviews in play (as detailed in the past few editions of the Event Preview), and adding a couple names to the list (Bunge Ltd (BG) and Associated British Foods Plc (ABF LN)), while other companies are seeking ways to reverse their fortunes and follow the market up (see the turnaround stories at Maersk, Doosan Bobcat, and Kroger). The last new name to be added this month is Rocket Internet, which is contemplating going private. Read on for more on these Special Sits.
09 Jul 2019
With over 30 names on the Global Spinoff Calendars (20 of which in the United States), the quiet period over the summer is the best time to look ahead into late Q3 and Q4 for compelling ideas. We expect Madison Square Garden Co. (MSG) to finalize their plan in the coming months for an October Spin, and several companies have guided already for their own break-ups to be completed in the last days of September. Click in for more details on these and other names on the calendars.
27 Jun 2019
Adding to the strategic reviews we have highlighted and detailed in previous editions of the ESS Event Preview, we're adding a few more to keep on your radar ahead of potential Spinoff announcements. This month, watch Centurylink, Inc. (CTL), De La Rue Plc (DLAR LN), and Uniper SE (UN01 GY) as they closely examine their own businesses, compare themselves to their peers and their active operational environment, and perhaps realize further value creation lies in breaking up.
10 Jun 2019
For those who missed the recent release of the Global May 2019 Spinoff Calendars, please see the attached PDFs and Excel for the upcoming situations. Of the 28 Spins currently scheduled, over half of them are expected to be completed this year (8 in the US, 4 in Europe, and all 4 Global names), so start the work on these names early and get ahead of the curve. Note the calendars in this release do not differ from those published on June 1.
04 Jun 2019
After a busy Spring full of break-ups, there's only a short breather before the next wave of Spinoffs picks up. Start the work on these names early and capture extra alpha in the run-up to the separations. New additions of note include Siemens AG (SIE GY), Archer Daniels Midland (ADM), and Graincorp Ltd (GNC AU), while several more in the US are scheduled for Q3 2019 and warrant a closer look. Click inside to read more on these and other Spinoffs in 2019 and beyond.
31 May 2019
This month, we have taken a view on a few different activism stories currently in play (like Bed Bath & Beyond (BBBY)) and segment sales aimed at narrowing core focus and simplifying operations (such as Kraft Heinz (KHC) and Ascena Retail Group (ASNA)). Continue to watch this monthly release for more catalyst situations, and if any of these names hit home and you'd like further work done, let us know and we can perform a bespoke deep dive.
09 May 2019