Actionable Opportunities in Special Situations: Spinoffs, Bankruptcy, Restructurings


Special Situation News Roundup for 10/2

National Oilwell Varco (NOV) announced a $3bn share repurchase plan (~9% of S/O). Press Release

Babcock & Wilcox (BWC) announced that its Board of Directors is evaluating a spinoff of the company’s Power Generation Business or Government & Nuclear Operations Business. Press Release International (DATE) announced a special dividend ($20mm on a $190mm market cap). Press Release

Pulse Electronics (PULS) plans to delist from the NYSE to reduce its costs. Press Release

Entegra Financial (ENFC) announced that it has completed its mutual-to-stock conversion. Press Release

Pathfinder Bancorp (PBHC) announced that its shareholders have approved its plan of conversion. Press Release

Premier Exhibitions (PRXI) announced it has secured $8mm in bridge financing. Press Release

CDK Global (CDK) has officially spun off from Automatic Data Processing (ADP). The newly independent company begins trading as a member of the S&P MidCap 400 Index. Press Release

Masco (MAS) plans to spin off its struggling insulation-installation business and cut more than 40% of its headquarters staff. News Article

JDS Uniphase Corp (JDSU) is being urged by an Activist, Sandell Asset Management, to seek a buyer for one of its businesses as JDS pursues a plan to separate into two publicly traded companies. Sandell is also pushing PDSU to extract tax benefits from operating losses estimated to potentially be worth $10 a share. Press Release

Cosi (COSI) announces planned rights offering. Press Release

RealD (RLD) received a $12-a-share takeover bid from noted activist Starboard Value LP. Bloomberg

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