SPINOFF
eBay (EBAY) plans to spinoff PayPal into a separately traded company, taking a step that activist Carl Icahn first demanded nine months ago. The spinoff is expected to be completed H2 2015. Presentation
NiSource (NI) plans to spinoff its pipeline operations into a separate entity named Columbia Pipeline Group (CPG). The company expects to complete the spinoff in mid-2015. Press Release
NexPoint Credit Strategies Fund (NHF) plans to separate its business into two separate companies: NexPoint Credit Strategies Fund (NHF) and NexPoint Residential Trust (NXRT). NHF will continue to operate as a non-diversified, closed-end investment company while NXRT will acquire, own, operate and selectively develop multifamily real property. NHF expects to complete the spinoff in Q4 2014. Filing
Exelis (XLS) spun off Vectrus (XLS) on 9/27 and released the company’s pro-forma financials. Press Release Filing
EMERGENCE FROM BANKRUTPCY
Centrus Energy (LEU) emerged from Chapter 11 bankruptcy on 9/30. The company was previously known as power plant supplier USEC (USU).
CANCELLED REIT CONVERSION
Civeo (CVEO) announced that it plans to continue as a C Corp and redomicile to Canada. It will not pursue REIT conversion as was expected by many investors. The company also announced it is expecting lower results in Q4 2014 and 2015 results lower than 2014. As a result its shares fell ~55%. Press Release
REIT CONVERSION
ClubCorp (MYCC) is being urged by shareholders to convert to a REIT. News Article
ACQUISITION
TIBCO Software (TIBX) announced it has agreed to be acquired by Vista Equity Partners for $24.00 per share in cash. Filing
RESTRUCTURING
dELiA*s (DLIA) announced that it has received several inquiries from third parties regarding a potential acquisition of the company. Press Release
ACTIVIST
Volcano Corporation (VOLC) has received a letter from activist Engaged Capital urging it to find itself a buyer or a new CEO after the stock has halved this year. Engaged says Volcano could draw bids from larger medical device companies, which could cut costs. Press Release
BUYBACK
WSFS Financial (WSFS) announced that its Board of Directors has approved a 25% dividend increase coupled with a stock repurchase plan for 5% of S/O. Press Release
MISC
Ikanos Communcations (IKAN) announced that it is issuing ~$58mm of new shares with ~$16mm (~30%) going to two of its largest investors. Press Release
