Every emphasised callout and every pulled quote, extracted slide-by-slide. Search by keyword, filter by slide type or by source.
"DV's Chief Marketing Officer (CMO) is Dan Slivjanovski and his biography says he was CMO and COO at RhythmOne. However, it was formerly known as Blinkx and listed on the London AIM. Blinkx was a spin-out from Autonomy whose founder Mike Lynch was arrested for fraud. While CMO at Blinkx, an influential Harvard professor alleged that the product was defrauding advertisers."
"Effective Dec 31, 2021 Stryker says it realigned its business and financial reporting around “Orthopaedics and Spine” and “MedSurg and Neurotechnology” – However, months later its website shows three different product groupings, and “Spine” appears under both Orthopaedics and Neurotechnology. Clicking on the “Spine” links go to the exact same product page."
"Spruce Point has taken a balanced view when analyzing the animal health sector, having identified what we believe is both an over-hyped low-quality company as a short opportunity (PetIQ: PETQ) and a well-positioned beneficiary of a corporate restructuring transaction presenting a long opportunity (Henry Schein: HSIC spin-off of Covetrus: CVET)."
"Though Stryker's acquisition of Mako Surgical in late 2013 made it an early mover into the robotic-assisted surgery space, nearly all of its major competitors such as Zimmer, Smith & Nephew, Medtronic, J&J and Globus Medical have followed with acquisitions of competing systems covering not only knee surgeries, but also spine applications."
"Given what we believe to be management and the Board's history of questionable decision making, how can shareholders trust the Company to rush this critical decision when management repeatedly refuses to share one of the most important assumption affecting the value that shareholders should expect to receive in a Red Lobster spin-off?"
"Spruce Point has developed concerns over the Company’s aggressive accounting practices, several connections to high-profile actual and alleged fraud cases (e.g. an Enron spin-off, Qwest Communications, and Granite Construction) among its board, and its CFO who was previously sued over an alleged breach of fiduciary duty."
"I have been a surgical nurse for 40 years and have seen many patients receive SCS...and many, many fail, or return to surgery for fractured electrode wires, misplaced wires, or infected battery pockets...spinal fluid leaks...severe headaches...[they] find out in 2-8 months that they wish they never had agreed to it ..."
"TIP REIT will be required to fund land capex for the first two years after the spin-off. Thereafter, TIP REIT will be Target Corp’s land developer through its Preferred Vendor Agreement. As such, Target Corp will generate significant free cash flow and will likely deleverage to an A-/A3 ratings profile after two years"
"Mercury is now spinning excuses for gross margin contraction as related to acquisitions...while not quantifying any added costs related to the loss of its small business designation, DFARS compliance requirements, or potential recalls and/or new product costs related to replacing Supermicro as a technology partner."
"We believe the spin-off, which is the result of an in-depth review of strategic alternatives by our Board and management, will allow both companies to enhance value by allocating capital and deploying resources in a more focused way, while preserving and increasing synergies within their businesses."
"Land and Buildings sees 70% upside to a base case net asset value of $33 per share, and up to 180% upside in a bull case, that can be realized through a REIT conversion, a tax free spin-off of a lodging C-corp, and a reduction of leverage through asset sales and an MGM China special dividend."
"To create the most value from a “Land-only” REIT spin-off, a retailer must meet certain criteria including very high land ownership, predominantly U.S.-based real estate and retail sales, strong square footage growth in the U.S., and low valuation multiples. Target meets ALL of these criteria"
"The proposed spin-off of Aabaco Holdings, Inc. is not Yahoo’s best alternative. Instead, you should be exploring a sale of Yahoo’s core Search and Display advertising businesses and leave Yahoo’s ownership stakes in Alibaba Group and Yahoo Japan in the existing corporate entity."
"The following assumes that Bob Evans separates BEF Foods and Restaurants through a tax-free spin-off of its Restaurants business; that is, the existing parent company Bob Evans effectively becomes the stand-alone BEF Foods business and thus a pure-play packaged foods company"
"The HbA1c and fasting glucose figures explicitly cited in the paper to support this claim appear to be pulled from thin air, as we analyze on the next page – and that HbA1c and fasting glucose stay elevated, do not return to baseline, and spin out of control."
"Prior to Starboard's first public letter to the Company on December 21, 2011, AOL's stock price had materially underperformed both the broader equity markets and its Peer Groups over almost any measurement period since its spin-off from Time Warner Inc."
"Both the increasing rate of insurer denials and doctors therefore "not wanting to do spinal cord stimulators as much" were recurring themes of KOL interviews. Implanters indicated it's only a matter of time before reimbursement gets "hammered again.""
"If Solventum returns to these pre-spin performance levels, we believe shares could be worth ~$140 by year-end 2027... We view this as an undemanding case and expect management to be able to drive better performance than how it performed inside of 3M"
"In negotiating this agreement, TWX did not appear to consider a number of other potential alternatives, including a spin-off, spin-merge or sale of the entire AOL business that could have achieved higher value for TWX shareholders and the Company."
"Therefore, because it is assumed that Content has the lowest tax basis, retaining Content as the Parent would enable Content to more meaningfully contribute to the funding of the share repurchase program than if Content were to become a SpinCo."
"Numerous KOL's pointed to tolerization as a reason for high frequency's failure, suggesting that Nevro's device overwhelms the spinal cord with current, which backfires by resulting in a faster adaptive response than traditional stimulators."
"Following the spin-off of beverages and creation of a pure-play confectionary business in 2007, Cadbury increased its 2010 operating profit margin to a level 400 bps above what Wall Street analysts had forecast prior to the separation."
"On the date of Pershing Square's exit, GGP, including a shareholder's interest in the Howard Hughes and Rouse spinoffs, traded at more than 100 times the price at which we first began accumulating our position in November 2008"
"On the date of Pershing Square’s exit, GGP, including a shareholder’s interest in the Howard Hughes and Rouse spinoffs, traded at more than 100 times the price at which we first began accumulating our position in November 2008"
"On the date of Pershing Square's exit, GGP, including a shareholder's interest in the Howard Hughes and Rouse spinoffs, traded at more than 100 times the price at which we first began accumulating our position in November 2008"
"While we are not specifically advocating one option over the other, a spin-off of Bob Evans Restaurants merits further discussion and we believe a spin-off of Bob Evans Restaurants could be effected on a tax-free basis"
"Excluding current board members elected as a result of the Company's settlement with Starboard, 75% of new independent directors / nominees since spin-off have had strong interconnections with existing board members!"
"PMV’s preclinical laboratory results for their primary drug candidate appear to have been photoshopped, raising an initial red flag that PMV may have cherrypicked data to spin a positive story on lackluster results."
"For illustrative purposes, we have assumed the sale of remaining 53% interest in the credit card business and the 19.9% IPO of TIP REIT occurring 1/1/09, to be followed by a full spin-off of TIP REIT on 1/1/10"
"There is clear evidence that REZI has fewer engineers and fewer patents and patent pending applications since the spin-off. We believe this is a troubling development for a Company named Resideo Technologies."
"Considering shareholders' concerns regarding the proposed transaction, including whether a thorough review process was undertaken, we immediately call on the Board to put the spin-off to a shareholder vote."
"Stryker's executives should have been aware of a significant rise in FDA complaints about K2M spine devices while issuing rosy outlooks for the business. Why didn't they disclose any operational challenges?"
"The launch of Saluda Medical’s “closed loop” spinal cord stimulator – supported by the best pain relief data ever published in the space - is an impending disruptive threat to Nevro within 6 to 12 months."
"Immediately start exploring all strategic alternatives for Parkland, including evaluating the sale or spinoff of non-core assets with the goal of becoming a more focused fuel and convenience retailer."
"Norfolk Southern responded to the assessment in the same manner it has responded to all safety issues: with insufficient action and spin to portray the Company as “an industry leader in rail safety.”"
"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"
"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"
"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"
"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"
"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"
"As CHD’s core brands suffer, and as it pivots to more aggressive deals where it fails to hit its own targets and spins excuses, we fail to explain why CHD’s multiples extend to all time highs."
"We are not convinced by the Company's explanations provided so far for spinning out Mobis's module manufacturing and after-sales parts businesses and combining them with a logistics company"
"Phillips 66 has materially overstated the costs associated with a spin or sale of its Midstream business to cloud the simple, clear math showing the potential value unlock of a separation."
"Phillips 66 has materially overstated the costs associated with a spin or sale of its Midstream business to cloud the simple, clear math showing the potential value unlock of a separation."
"Time Warner has underperformed its peer index by 51% under Parsons; splitting into four SpinCos (AOL, Content, Publishing, Cable) plus a $20bn buyback unlocks $30-45bn — a 35-54% premium."
"Arconic’s most recent investor presentation utilizes every “trick in the book” (and then some), in a desperate attempt to spin Dr. Kleinfeld’s abysmal track record of shareholder return"
"Spruce Point likes investing situations where the data suggests a favorable risk/reward. Numerous academic studies and recent performance suggests that spin-offs outperform the market."
"Spin-offs have historically outperformed the broader market by a large margin as the transaction allows for the individual segments of a parent company to be more efficiently valued."
"Since the spinoff from GGP in November 2010 and from our average cost basis prior to the position being made public, The Howard Hughes Corporation's share price has increased 296%"
"If Darden can realize just $65-90 million of our expected $271 million in cost reductions, we believe it can ensure that an SRG spinoff will not put its credit rating in jeopardy."
"If Darden can realize just $65-90 million of our expected $271 million in cost reductions, we believe it can ensure that an SRG spinoff will not put its credit rating in jeopardy."
"Since the spinoff from GGP in November 2010 and from our average cost basis prior to the position being made public, The Howard Hughes Corporation's share price has increased 296%"
"We often see spins lead to step-change improvements in performance, but Solventum’s performance has taken a considerable step backwards relative to how it performed as part of 3M"
"Recent favorable market trends (ACA) and corporate events (Dealer Services spinoff plus leverage) have driven satisfactory overall results for ADP, but these tailwinds are fading"
"Long-term contracts and strong asset base at FirstGroup US can support higher debt levels at lower cost, providing a cash distribution to FirstGroup immediately prior to spin-off"
"In our experience, full spin-offs to existing shareholders are the best way to close conglomerate discounts, while selling minority stakes to “spotlight” value has poor results."
"Management is spinning the planned $9-$12 million in capex as some massive opportunity to drive new NOI. Maybe it will, but this does not appear to have been the original plan."
"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"
"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"
"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"