Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

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This week, IAC Inc (IAC) provided <a href="https://www.prnewswire.com/news-releases/iac-announces-plan-to-spin-off-angi-reorganizes-leadership-302349721.html" target="_blank" rel="noopener">an update</a> on its Angi Inc (ANGI) spin-off plans.
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Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.
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IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31. 
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This week, IAC Inc (IAC) provided an update on its Angi Inc (ANGI) spin-off plans.


Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.


IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31. 



<ul><li>Sunrise Communications (SNRE) is a recent spin-off from Liberty Global (LBTYA).</li><li>Since the time of the spin-off, Sunrise has performed relatively well (+7% vs. S&amp;P 500 +1%)</li><li>Nonetheless, I believe there is substantial upside ahead. Sunrise has committed to pay a 240CHF annual dividend.</li></ul>

Sunrise Communications (SNRE) is a recent spin-off from Liberty Global (LBTYA).Since the time of the spin-off, Sunrise has performed relatively well (+7% vs. S&amp;P 500 +1%)Nonetheless, I believe there is substantial upside ahead. Sunrise has committed to pay a 240CHF annual dividend.

Sunrise Communications (SNRE): Dividend Initiation to Drive Upside

<ul><li>On March 31, 2025, IAC Inc (IAC) will spin off Angi Inc (ANGI). The first day of trading will be April 1st.</li><li>Transaction Structure: The spin-off is designed to be tax-free, providing IAC shareholders with direct ownership of Angi. This move will eliminate Angi’s dual-class share structure, transitioning to a one share/one vote system.</li><li>Distribution Ratio: IAC shareholders will receive approximately 0.5178 shares of Angi Class A common stock for each IAC share they hold. This ratio accounts for a planned 1-for-10 reverse stock split of Angi’s shares, effective March 24, 2025.</li></ul>

On March 31, 2025, IAC Inc (IAC) will spin off Angi Inc (ANGI). The first day of trading will be April 1st.Transaction Structure: The spin-off is designed to be tax-free, providing IAC shareholders with direct ownership of Angi. This move will eliminate Angi’s dual-class share structure, transitioning to a one share/one vote system.Distribution Ratio: IAC shareholders will receive approximately 0.5178 shares of Angi Class A common stock for each IAC share they hold. This ratio accounts for a planned 1-for-10 reverse stock split of Angi’s shares, effective March 24, 2025.

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I’m closing out my Kenvue (KVUE) recommendation and will be selling my shares.
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Following the spin-off from Johnson &amp; Johnson (JNJ), KVUE shares performed poorly for a variety of reasons (lockluster growth, Tylenol related litigation, etc.) that I thought were overblown.
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At the time, Kenvue was trading at a sharp discount to its consumer health care peers. Today, Kenvue trades at a slight discount to peers (21 P/E vs. 23.3x for the group).
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I’m closing out my Kenvue (KVUE) recommendation and will be selling my shares.


Following the spin-off from Johnson &amp; Johnson (JNJ), KVUE shares performed poorly for a variety of reasons (lockluster growth, Tylenol related litigation, etc.) that I thought were overblown.


At the time, Kenvue was trading at a sharp discount to its consumer health care peers. Today, Kenvue trades at a slight discount to peers (21 P/E vs. 23.3x for the group).



<ul><li>On Monday, Western Digital (WDC) spun off its NAND flash business, Sandisk (SNDK).</li><li>On Friday, CompoSecure (CMPO) spun off its management company, Resolute Holdings (RHLD).</li><li>During the week, we got earnings from Howard Hughes (HHH) and Sunrise Communications (SNRE).</li></ul>

On Monday, Western Digital (WDC) spun off its NAND flash business, Sandisk (SNDK).On Friday, CompoSecure (CMPO) spun off its management company, Resolute Holdings (RHLD).During the week, we got earnings from Howard Hughes (HHH) and Sunrise Communications (SNRE).

Switzerland

Sunrise Communications AG provides telecommunications services. The Company offers wide range of mobile and landline connectivity network, internet, and security protection through cloud solutions for business critical applications. Sunrise Communications serves customers in Switzerland.

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