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
Two of the three strategic reviews we highlighted last month have come through in favor of Spinoffs (leaving Textron, Inc., TXT to finish their own review), and our analysis of the privatization of the French lottery (Francaise des Jeux, FDJ) still shows upside for the recently IPO'd company. This month, another French privatization is on the block and a major auto manufacturer sees a shakeup in the leadership and strategic review of its way forward in a challenging industry. Read on for more.
05 Dec 2019
Two of the recently added strategic reviews, namely Marathon Petroleum Corp. (MPC) and Nielsen Holdings Plc (NLSN), have announced their respective Spinoffs. Both of these companies were pushed for break-up by activist investor Elliott Management, and our analysis indicates upside ahead for both of these Spinoffs. Meanwhile, we're looking ahead at a couple intriguing IPO value opportunities, specifically the French Lottery privatization of the Francaise des Jeux business. Look inside for more.
08 Nov 2019
In a further refresh of the monthly Special Situations ideas calendar, we've added a (now revisiting) activism-pushed break-up at Marathon Petroleum Corp. (MPC), a former Australian Spinoff looking for the right M&A to strategically allow for a future split, and a few companies recently analyzed in terms of their macro positioning and potential upside from either merging together (GT and CTB) or benefiting from increasing global tensions (US Defense companies). Read inside for more.
08 Oct 2019
While the Spinoff cycle is fairly predictable with companies announcing break-ups alongside their earnings reports, it's beneficial to have a list of companies currently reviewing their segments and looking for strategic value creation opportunities. To this end, we've added several new names to this month's Special Situations Event Preview under strategic review, which may lead to Spinoff announcements in the coming months. Read on for more.
06 Sep 2019
In addition to the various strategic reviews underway and under coverage in last month's Special Situations Event Preview, we're adding a few recently announced restructurings to the list as we continue to see companies hunting for value through reevaluating their segments and creating returns for shareholders. Under the microscope this month are the restructurings at Kennametal, Inc. (KMT), TreeHouse Foods, Inc. (THS, a 2005 Spinoff from Dean Foods, DF), and Volkswagen AG (VOW GY).
06 Aug 2019