Completed Spinoffs

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  Spinoff Name Spinoff Symbol Announced Date Spinoff Date First Day Closing Spinoff Last Price Spinoff Performance Spinoff Current Volume Parent Name Parent Symbol Parent First Day Closing Parent Last Price Parent Performace Parent Current Volume Type
Insurance Auto Auctions IAA 02/27/2018 06/28/2019 40.44 45.16 11.67% 2,009,337 KAR Auction Services, Inc. KAR 24.72 25.0861 1.48% 784,375 Carve Out
KAR Auction Services, Inc., spinoff details:

February 27, 2018: KAR Auction Services (KAR) announced that it is pursuing a separation of its Insurance Auto Auctions (IAA) salvage auction business unit. The separation aims to increase shareholder value and focus each company’s strategic priorities on its respective marketplace and unique customers. The tax-free spin-off is expected to close within the next twelve months and will create two independent, publicly traded companies with distinct strengths that position them for continued success and market leadership.

April 1, 2019: KAR Auction Services (KAR) announced that it has received a favorable private letter ruling from the Internal Revenue Service (the “IRS”) with respect to the tax-free status of its previously announced spin-off of its Insurance Auto Auctions (“IAA”) salvage auction business.

June 5, 2019: KAR Auction Services (KAR) announced that its board of directors formally approved the separation of its salvage auction business from KAR through a distribution of all of the outstanding shares of common stock of its wholly-owned subsidiary, IAA Spinco Inc. (to be renamed IAA, Inc.) (“IAA”), to KAR stockholders on a pro rata basis. The distribution is expected to be made on June 28, 2019, to KAR stockholders of record as of 5:00 p.m. EDT on June 18, 2019, the record date for the distribution. Following the distribution, IAA will be an independent, publicly traded company on the New York Stock Exchange (“NYSE”), and KAR will retain no ownership interest in IAA.

June 28, 2019: KAR Auction Services (KAR) announced that it successfully completed its previously announced separation of IAA, Inc. (IAA).

Corteva Agriscience CTVA 12/11/2015 05/31/2019 26.97 27.02 0.19% 1,447,876 DowDuPont Inc. DD 25.4 71.67 182.17% 1,012,211 Spinoff
DowDuPont Inc., spinoff details:

December 11, 2015: DuPont (DD) and The Dow Chemical Company (DOW) announced that their boards of directors unanimously approved a definitive agreement under which the companies will combine in an all-stock merger of equals. The combined company will be named DowDuPont. The parties intend to subsequently pursue a separation of DowDuPont into three independent, publicly traded companies through tax-free spin-offs. This would occur as soon as feasible, which is expected to be 18-24 months following the closing of the merger, subject to regulatory and board approval.

August 4, 2017: DuPont (DD) and The Dow Chemical Company (DOW) announced that all required regulatory approvals and clearances have been received, that all conditions to closing of their merger of equals have been satisfied, and that their merger of equals will close after the market closes on August 31, 2017. Shares of Dow and DuPont will cease trading at the close of the New York Stock Exchange on August 31. Shares of DowDuPont will begin trading on the NYSE under the stock ticker symbol “DWDP” on September 1, 2017. The companies continue to expect the intended spin-offs to occur within 18 months of closing.

September 1, 2017: DowDuPont (DWDPannounced the successful completion of the merger of equals between The Dow Chemical Company and E.I. du Pont de Nemours & Company (“DuPont”), effective Aug. 31, 2017. The combined entity is operating as a holding company under the name “DowDuPont™” with three divisions – Agriculture, Materials Science and Specialty Products.

September 12, 2017: DowDuPont (DWDP) announced that its Board of Directors and management, with the assistance of independent advisors, have completed their comprehensive review of the portfolio composition of the three intended independent companies. Following the portfolio realignments, the three intended companies of DowDuPont are as follows:
1) A leading Agriculture Company
2) A leading Materials Science Company
3) A leading Specialty Products Company

On a forecasted 2017 basis, the businesses that will be realigned to the Specialty Products Division account for total net sales of more than $8 billion and operating EBITDA of approximately $2.4 billion, including approximately 40 percent of the heritage Dow Corning EBITDA. Relative to the original merger agreement, the adjustments are as follows:

- Approximately $4 billion of net sales from the heritage Dow portfolio, evenly split between the Consumer Solutions and Infrastructure Solutions segments; and

- Approximately $4 billion of net sales from the heritage DuPont Performance Polymers business moving to the Specialty Products Division.

October 26, 2017: DowDuPont (DWDP) filed a  Form 8-K reflecting the new segment structure of DowDuPont. Following the Merger, new reportable segments were created and DowDuPont began to manage and report its operating results through the new reportable segments: Agriculture; Performance Materials & Coatings; Industrial Intermediates & Infrastructure; Packaging & Specialty Plastics; Electronics & Imaging; Nutrition & Biosciences; Transportation & Advanced Polymers; Safety & Construction and Corporate. DowDuPont will report geographic information for the following areas: U.S. & Canada, Asia Pacific, Latin America and Europe, Middle East, and Africa ("EMEA"). As a result of the Merger, Dow changed the geographic alignment for the country of India to be reflected in Asia Pacific (previously reported in EMEA) and aligned Puerto Rico to U.S. & Canada (previously reported in Latin America).

February 26, 2018: DowDuPont (DWDPunveiled the brand names it plans to give the three independent companies it will create following the merger of the former DuPont and Dow Chemical. The company said the agriculture division will be named Corteva Agriscience, the materials science division will be called Dow and the specialty products division will be called DuPont. The materials science division is expected to be spun off by the end of the first quarter of 2019, while agriculture and specialty products are expected to separate by June 1, 2019.

May 31, 2019: DuPont de Nemours, Inc. announced its debut as an independent company following the successful separation of its Agriculture Division through the spin-off of Corteva, Inc. (CTVA). The company was formerly known as DowDuPont Inc. DuPont common stock begins regular way trading today on the New York Stock Exchange (NYSE) under the ticker symbol “DD.”

Kontoor Brands KTB 08/13/2018 05/22/2019 38.60 28.75 -25.52% 230,713 V.F. Corporation VFC 84.09 87.91 4.54% 845,483 Spinoff
V.F. Corporation, spinoff details:

August 13, 2018: VF Corporation (VFC) announced that its Board of Directors intends to separate the company into two independent, publicly traded companies: VF Corporation, a global apparel and footwear powerhouse, and a yet-to-be named company (NewCo), which will hold VF’s Jeans and VF Outlet businesses and will be a global leader in the denim category. The company expects to create these companies through a tax-free spin-off of NewCo to VF’s shareholders. The separation is currently targeted to be completed in the first half of calendar 2019, subject to final approval by the company’s Board of Directors, customary regulatory approvals and tax and legal considerations.

December 11, 2018: V. F. Corp’s (VFC) put forward the name for its jeanswear segment, which it expects to spin off as an independent, publicly traded company by the first half of fiscal 2019. The company came up with an innovative name — Kontoor Brands, which is a variation of the word ‘contour’.

April 1, 2019: VF Corporation (VFC) announced the public filing of a Form 10 Registration Statement with the U.S. Securities and Exchange Commission in connection with the previously announced separation of VF’s Jeanswear organization into an independent, publicly traded company. The separation is on track to be completed in May of 2019, subject to final approval by VF’s Board of Directors, customary regulatory approvals, and tax and legal considerations.

April 30, 2019: VF Corporation (VFC) announced that its Board of Directors has approved the previously announced separation of VF’s Jeanswear organization into an independent, publicly traded company. The new company, named Kontoor Brands, Inc., will include the Wrangler®, Lee® and Rock & Republic® brands, and the VF OutletTM business. Following the distribution of Kontoor Brands’ common stock on May 22, 2019, Kontoor Brands will be an independent, publicly traded company. Kontoor Brands has received approval for the listing of its common stock on the New York Stock Exchange under the symbol “KTB.”

May 22, 2019: VF Corporation (VFC) announced that it has completed the previously announced separation of VF’s Jeanswear organization into an independent, publicly traded company. Kontoor Brands common stock will begin regular-way trading today on the New York Stock Exchange under the ticker symbol “KTB.”

Alcon ALC 06/29/2018 04/09/2019 58.04 60.25 3.81% 411,190 Novartis AG NVS 83.41 93.85 12.52% 2,185,282 Carve Out
Novartis AG, spinoff details:

June 29, 2018: Novartis (NVS) announced its intention to spinoff Alcon, its eye care division, into a separately-traded standalone company. The successful completion of the planned spinoff is subject to general market conditions, regulatory approvals, final Board of Directors endorsement and shareholder approval. In the event that all approvals are secured, the planned spinoff is expected to be completed in the first half of 2019.

November 13, 2018: Novartis (NVS) announced that Alcon has filed an initial Form 20-F registration statement with the US Securities and Exchange Commission (SEC) in relation to the previously-announced intention of Novartis to spin off its eye care division as an independent, publicly-traded company. An application will be made to list the shares in Alcon on the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE) under the ticker symbol "ALC".

January 30, 2019: Novartis International (NVS) announced that efforts toward the proposed 100-percent spinoff of the Alcon eye care division are progressing with the Novartis board of directors providing final endorsement of the potential transaction. Novartis shareholders will vote on the proposed spin-off at Novartis' annual general meeting of shareholders on February 28, 2019.

March 22, 2019: Novartis (NVS) confirmed that certain important conditions precedent for the 100% spin-off of the Alcon eye care business have been met, including receipt of certain necessary authorizations and rulings. Completion of the transaction, by way of a distribution of a dividend in kind to Novartis shareholders and ADR holders, is expected to be on April 9, 2019.

April 9, 2019: Novartis (NVS) completed the spin-off of the Alcon eye care devices business through a dividend-in-kind distribution to holders of Novartis shares and ADRs (American Depositary Receipts), with each holder receiving 1 Alcon share for every 5 Novartis shares or ADRs held on April 8, 2019, at the close of business. Shares in Alcon, Inc. will be listed and commence trading today under the symbol "ALC" on the SIX Swiss Exchange (SIX) from 09:00 CET and on the New York Stock Exchange (NYSE) from 09:30 EST.

Cyclerion Therapeutics, Inc. CYCN 05/01/2018 04/01/2019 18.67 12.015 -35.65% 41,654 Ironwood Pharmaceuticals, Inc. IRWD 14.02 10.73 -23.47% 468,262 Spinoff
Ironwood Pharmaceuticals, Inc., spinoff details:

May 1, 2018: Ironwood Pharmaceuticals (IRWD), a commercial biotech company, announced that its Board of Directors has authorized an intent to separate into two independent, publicly traded companies (Ironwood and “R&D Co.”). The separation is expected to be completed in the first half of 2019 and is anticipated to be tax-free to Ironwood shareholders.

January 24, 2019: Ironwood Pharmaceuticals (IRWD) announced the composition of the Ironwood and Cyclerion Therapeutics, Inc. boards of directors, in connection with the previously announced planned business separation which is on track to be completed in the first half of 2019.

April 1, 2019: Ironwood Pharmaceuticals (IRWD) announced that it has completed the tax-free spin-off of its soluble guanylate cyclase (sGC) business, Cyclerion Therapeutics, Inc. (CYCN).

Dow Inc. DOW 12/11/2015 04/01/2019 53.50 51.74 -3.29% 1,256,417 DowDuPont Inc. DWDP 54.42 30.52 -43.92% 16,206,399 Spinoff
DowDuPont Inc., spinoff details:

December 11, 2015: DuPont (DD) and The Dow Chemical Company (DOW) announced that their boards of directors unanimously approved a definitive agreement under which the companies will combine in an all-stock merger of equals. The combined company will be named DowDuPont. The parties intend to subsequently pursue a separation of DowDuPont into three independent, publicly traded companies through tax-free spin-offs. This would occur as soon as feasible, which is expected to be 18-24 months following the closing of the merger, subject to regulatory and board approval.

August 4, 2017: DuPont (DD) and The Dow Chemical Company (DOW) announced that all required regulatory approvals and clearances have been received, that all conditions to closing of their merger of equals have been satisfied, and that their merger of equals will close after the market closes on August 31, 2017. Shares of Dow and DuPont will cease trading at the close of the New York Stock Exchange on August 31. Shares of DowDuPont will begin trading on the NYSE under the stock ticker symbol “DWDP” on September 1, 2017. The companies continue to expect the intended spin-offs to occur within 18 months of closing.

September 1, 2017: DowDuPont (DWDPannounced the successful completion of the merger of equals between The Dow Chemical Company and E.I. du Pont de Nemours & Company (“DuPont”), effective Aug. 31, 2017. The combined entity is operating as a holding company under the name “DowDuPont™” with three divisions – Agriculture, Materials Science and Specialty Products.

September 12, 2017: DowDuPont (DWDP) announced that its Board of Directors and management, with the assistance of independent advisors, have completed their comprehensive review of the portfolio composition of the three intended independent companies. Following the portfolio realignments, the three intended companies of DowDuPont are as follows:
1) A leading Agriculture Company
2) A leading Materials Science Company
3) A leading Specialty Products Company

On a forecasted 2017 basis, the businesses that will be realigned to the Specialty Products Division account for total net sales of more than $8 billion and operating EBITDA of approximately $2.4 billion, including approximately 40 percent of the heritage Dow Corning EBITDA. Relative to the original merger agreement, the adjustments are as follows:

- Approximately $4 billion of net sales from the heritage Dow portfolio, evenly split between the Consumer Solutions and Infrastructure Solutions segments; and

- Approximately $4 billion of net sales from the heritage DuPont Performance Polymers business moving to the Specialty Products Division.

October 26, 2017: DowDuPont (DWDP) filed a  Form 8-K reflecting the new segment structure of DowDuPont. Following the Merger, new reportable segments were created and DowDuPont began to manage and report its operating results through the new reportable segments: Agriculture; Performance Materials & Coatings; Industrial Intermediates & Infrastructure; Packaging & Specialty Plastics; Electronics & Imaging; Nutrition & Biosciences; Transportation & Advanced Polymers; Safety & Construction and Corporate. DowDuPont will report geographic information for the following areas: U.S. & Canada, Asia Pacific, Latin America and Europe, Middle East, and Africa ("EMEA"). As a result of the Merger, Dow changed the geographic alignment for the country of India to be reflected in Asia Pacific (previously reported in EMEA) and aligned Puerto Rico to U.S. & Canada (previously reported in Latin America).

February 26, 2018: DowDuPont (DWDPunveiled the brand names it plans to give the three independent companies it will create following the merger of the former DuPont and Dow Chemical. The company said the agriculture division will be named Corteva Agriscience, the materials science division will be called Dow and the specialty products division will be called DuPont. The materials science division is expected to be spun off by the end of the first quarter of 2019, while agriculture and specialty products are expected to separate by June 1, 2019.

March 8, 2019: DowDuPont (DWDP) said its board has approved the separation of its materials science division, paving the way for the creation of the new Dow. Dow will be an independent, publicly traded company that will list on the New York Stock Exchange on or about March 20 under the ticker symbol "DOW WI" on a when-issued basis and then begin regular-way trading April 2 under the ticker symbol "DOW."

April 1, 2019: DowDuPont (DWDP) announced that it has completed the separation of its Materials Science Division through the spin-off of Dow Inc.. Dow will begin “regular way” trading on the NYSE under the symbol “DOW”.

  Spinoff Name Announced Date Parent Symbol
Insurance Auto Auctions 02/27/2018 KAR
KAR Auction Services, Inc., spinoff details:

February 27, 2018: KAR Auction Services (KAR) announced that it is pursuing a separation of its Insurance Auto Auctions (IAA) salvage auction business unit. The separation aims to increase shareholder value and focus each company’s strategic priorities on its respective marketplace and unique customers. The tax-free spin-off is expected to close within the next twelve months and will create two independent, publicly traded companies with distinct strengths that position them for continued success and market leadership.

April 1, 2019: KAR Auction Services (KAR) announced that it has received a favorable private letter ruling from the Internal Revenue Service (the “IRS”) with respect to the tax-free status of its previously announced spin-off of its Insurance Auto Auctions (“IAA”) salvage auction business.

June 5, 2019: KAR Auction Services (KAR) announced that its board of directors formally approved the separation of its salvage auction business from KAR through a distribution of all of the outstanding shares of common stock of its wholly-owned subsidiary, IAA Spinco Inc. (to be renamed IAA, Inc.) (“IAA”), to KAR stockholders on a pro rata basis. The distribution is expected to be made on June 28, 2019, to KAR stockholders of record as of 5:00 p.m. EDT on June 18, 2019, the record date for the distribution. Following the distribution, IAA will be an independent, publicly traded company on the New York Stock Exchange (“NYSE”), and KAR will retain no ownership interest in IAA.

June 28, 2019: KAR Auction Services (KAR) announced that it successfully completed its previously announced separation of IAA, Inc. (IAA).

Corteva Agriscience 12/11/2015 DD
DowDuPont Inc., spinoff details:

December 11, 2015: DuPont (DD) and The Dow Chemical Company (DOW) announced that their boards of directors unanimously approved a definitive agreement under which the companies will combine in an all-stock merger of equals. The combined company will be named DowDuPont. The parties intend to subsequently pursue a separation of DowDuPont into three independent, publicly traded companies through tax-free spin-offs. This would occur as soon as feasible, which is expected to be 18-24 months following the closing of the merger, subject to regulatory and board approval.

August 4, 2017: DuPont (DD) and The Dow Chemical Company (DOW) announced that all required regulatory approvals and clearances have been received, that all conditions to closing of their merger of equals have been satisfied, and that their merger of equals will close after the market closes on August 31, 2017. Shares of Dow and DuPont will cease trading at the close of the New York Stock Exchange on August 31. Shares of DowDuPont will begin trading on the NYSE under the stock ticker symbol “DWDP” on September 1, 2017. The companies continue to expect the intended spin-offs to occur within 18 months of closing.

September 1, 2017: DowDuPont (DWDPannounced the successful completion of the merger of equals between The Dow Chemical Company and E.I. du Pont de Nemours & Company (“DuPont”), effective Aug. 31, 2017. The combined entity is operating as a holding company under the name “DowDuPont™” with three divisions – Agriculture, Materials Science and Specialty Products.

September 12, 2017: DowDuPont (DWDP) announced that its Board of Directors and management, with the assistance of independent advisors, have completed their comprehensive review of the portfolio composition of the three intended independent companies. Following the portfolio realignments, the three intended companies of DowDuPont are as follows:
1) A leading Agriculture Company
2) A leading Materials Science Company
3) A leading Specialty Products Company

On a forecasted 2017 basis, the businesses that will be realigned to the Specialty Products Division account for total net sales of more than $8 billion and operating EBITDA of approximately $2.4 billion, including approximately 40 percent of the heritage Dow Corning EBITDA. Relative to the original merger agreement, the adjustments are as follows:

- Approximately $4 billion of net sales from the heritage Dow portfolio, evenly split between the Consumer Solutions and Infrastructure Solutions segments; and

- Approximately $4 billion of net sales from the heritage DuPont Performance Polymers business moving to the Specialty Products Division.

October 26, 2017: DowDuPont (DWDP) filed a  Form 8-K reflecting the new segment structure of DowDuPont. Following the Merger, new reportable segments were created and DowDuPont began to manage and report its operating results through the new reportable segments: Agriculture; Performance Materials & Coatings; Industrial Intermediates & Infrastructure; Packaging & Specialty Plastics; Electronics & Imaging; Nutrition & Biosciences; Transportation & Advanced Polymers; Safety & Construction and Corporate. DowDuPont will report geographic information for the following areas: U.S. & Canada, Asia Pacific, Latin America and Europe, Middle East, and Africa ("EMEA"). As a result of the Merger, Dow changed the geographic alignment for the country of India to be reflected in Asia Pacific (previously reported in EMEA) and aligned Puerto Rico to U.S. & Canada (previously reported in Latin America).

February 26, 2018: DowDuPont (DWDPunveiled the brand names it plans to give the three independent companies it will create following the merger of the former DuPont and Dow Chemical. The company said the agriculture division will be named Corteva Agriscience, the materials science division will be called Dow and the specialty products division will be called DuPont. The materials science division is expected to be spun off by the end of the first quarter of 2019, while agriculture and specialty products are expected to separate by June 1, 2019.

May 31, 2019: DuPont de Nemours, Inc. announced its debut as an independent company following the successful separation of its Agriculture Division through the spin-off of Corteva, Inc. (CTVA). The company was formerly known as DowDuPont Inc. DuPont common stock begins regular way trading today on the New York Stock Exchange (NYSE) under the ticker symbol “DD.”

Kontoor Brands 08/13/2018 VFC
V.F. Corporation, spinoff details:

August 13, 2018: VF Corporation (VFC) announced that its Board of Directors intends to separate the company into two independent, publicly traded companies: VF Corporation, a global apparel and footwear powerhouse, and a yet-to-be named company (NewCo), which will hold VF’s Jeans and VF Outlet businesses and will be a global leader in the denim category. The company expects to create these companies through a tax-free spin-off of NewCo to VF’s shareholders. The separation is currently targeted to be completed in the first half of calendar 2019, subject to final approval by the company’s Board of Directors, customary regulatory approvals and tax and legal considerations.

December 11, 2018: V. F. Corp’s (VFC) put forward the name for its jeanswear segment, which it expects to spin off as an independent, publicly traded company by the first half of fiscal 2019. The company came up with an innovative name — Kontoor Brands, which is a variation of the word ‘contour’.

April 1, 2019: VF Corporation (VFC) announced the public filing of a Form 10 Registration Statement with the U.S. Securities and Exchange Commission in connection with the previously announced separation of VF’s Jeanswear organization into an independent, publicly traded company. The separation is on track to be completed in May of 2019, subject to final approval by VF’s Board of Directors, customary regulatory approvals, and tax and legal considerations.

April 30, 2019: VF Corporation (VFC) announced that its Board of Directors has approved the previously announced separation of VF’s Jeanswear organization into an independent, publicly traded company. The new company, named Kontoor Brands, Inc., will include the Wrangler®, Lee® and Rock & Republic® brands, and the VF OutletTM business. Following the distribution of Kontoor Brands’ common stock on May 22, 2019, Kontoor Brands will be an independent, publicly traded company. Kontoor Brands has received approval for the listing of its common stock on the New York Stock Exchange under the symbol “KTB.”

May 22, 2019: VF Corporation (VFC) announced that it has completed the previously announced separation of VF’s Jeanswear organization into an independent, publicly traded company. Kontoor Brands common stock will begin regular-way trading today on the New York Stock Exchange under the ticker symbol “KTB.”

Alcon 06/29/2018 NVS
Novartis AG, spinoff details:

June 29, 2018: Novartis (NVS) announced its intention to spinoff Alcon, its eye care division, into a separately-traded standalone company. The successful completion of the planned spinoff is subject to general market conditions, regulatory approvals, final Board of Directors endorsement and shareholder approval. In the event that all approvals are secured, the planned spinoff is expected to be completed in the first half of 2019.

November 13, 2018: Novartis (NVS) announced that Alcon has filed an initial Form 20-F registration statement with the US Securities and Exchange Commission (SEC) in relation to the previously-announced intention of Novartis to spin off its eye care division as an independent, publicly-traded company. An application will be made to list the shares in Alcon on the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE) under the ticker symbol "ALC".

January 30, 2019: Novartis International (NVS) announced that efforts toward the proposed 100-percent spinoff of the Alcon eye care division are progressing with the Novartis board of directors providing final endorsement of the potential transaction. Novartis shareholders will vote on the proposed spin-off at Novartis' annual general meeting of shareholders on February 28, 2019.

March 22, 2019: Novartis (NVS) confirmed that certain important conditions precedent for the 100% spin-off of the Alcon eye care business have been met, including receipt of certain necessary authorizations and rulings. Completion of the transaction, by way of a distribution of a dividend in kind to Novartis shareholders and ADR holders, is expected to be on April 9, 2019.

April 9, 2019: Novartis (NVS) completed the spin-off of the Alcon eye care devices business through a dividend-in-kind distribution to holders of Novartis shares and ADRs (American Depositary Receipts), with each holder receiving 1 Alcon share for every 5 Novartis shares or ADRs held on April 8, 2019, at the close of business. Shares in Alcon, Inc. will be listed and commence trading today under the symbol "ALC" on the SIX Swiss Exchange (SIX) from 09:00 CET and on the New York Stock Exchange (NYSE) from 09:30 EST.

Cyclerion Therapeutics, Inc. 05/01/2018 IRWD
Ironwood Pharmaceuticals, Inc., spinoff details:

May 1, 2018: Ironwood Pharmaceuticals (IRWD), a commercial biotech company, announced that its Board of Directors has authorized an intent to separate into two independent, publicly traded companies (Ironwood and “R&D Co.”). The separation is expected to be completed in the first half of 2019 and is anticipated to be tax-free to Ironwood shareholders.

January 24, 2019: Ironwood Pharmaceuticals (IRWD) announced the composition of the Ironwood and Cyclerion Therapeutics, Inc. boards of directors, in connection with the previously announced planned business separation which is on track to be completed in the first half of 2019.

April 1, 2019: Ironwood Pharmaceuticals (IRWD) announced that it has completed the tax-free spin-off of its soluble guanylate cyclase (sGC) business, Cyclerion Therapeutics, Inc. (CYCN).

Dow Inc. 12/11/2015 DWDP
DowDuPont Inc., spinoff details:

December 11, 2015: DuPont (DD) and The Dow Chemical Company (DOW) announced that their boards of directors unanimously approved a definitive agreement under which the companies will combine in an all-stock merger of equals. The combined company will be named DowDuPont. The parties intend to subsequently pursue a separation of DowDuPont into three independent, publicly traded companies through tax-free spin-offs. This would occur as soon as feasible, which is expected to be 18-24 months following the closing of the merger, subject to regulatory and board approval.

August 4, 2017: DuPont (DD) and The Dow Chemical Company (DOW) announced that all required regulatory approvals and clearances have been received, that all conditions to closing of their merger of equals have been satisfied, and that their merger of equals will close after the market closes on August 31, 2017. Shares of Dow and DuPont will cease trading at the close of the New York Stock Exchange on August 31. Shares of DowDuPont will begin trading on the NYSE under the stock ticker symbol “DWDP” on September 1, 2017. The companies continue to expect the intended spin-offs to occur within 18 months of closing.

September 1, 2017: DowDuPont (DWDPannounced the successful completion of the merger of equals between The Dow Chemical Company and E.I. du Pont de Nemours & Company (“DuPont”), effective Aug. 31, 2017. The combined entity is operating as a holding company under the name “DowDuPont™” with three divisions – Agriculture, Materials Science and Specialty Products.

September 12, 2017: DowDuPont (DWDP) announced that its Board of Directors and management, with the assistance of independent advisors, have completed their comprehensive review of the portfolio composition of the three intended independent companies. Following the portfolio realignments, the three intended companies of DowDuPont are as follows:
1) A leading Agriculture Company
2) A leading Materials Science Company
3) A leading Specialty Products Company

On a forecasted 2017 basis, the businesses that will be realigned to the Specialty Products Division account for total net sales of more than $8 billion and operating EBITDA of approximately $2.4 billion, including approximately 40 percent of the heritage Dow Corning EBITDA. Relative to the original merger agreement, the adjustments are as follows:

- Approximately $4 billion of net sales from the heritage Dow portfolio, evenly split between the Consumer Solutions and Infrastructure Solutions segments; and

- Approximately $4 billion of net sales from the heritage DuPont Performance Polymers business moving to the Specialty Products Division.

October 26, 2017: DowDuPont (DWDP) filed a  Form 8-K reflecting the new segment structure of DowDuPont. Following the Merger, new reportable segments were created and DowDuPont began to manage and report its operating results through the new reportable segments: Agriculture; Performance Materials & Coatings; Industrial Intermediates & Infrastructure; Packaging & Specialty Plastics; Electronics & Imaging; Nutrition & Biosciences; Transportation & Advanced Polymers; Safety & Construction and Corporate. DowDuPont will report geographic information for the following areas: U.S. & Canada, Asia Pacific, Latin America and Europe, Middle East, and Africa ("EMEA"). As a result of the Merger, Dow changed the geographic alignment for the country of India to be reflected in Asia Pacific (previously reported in EMEA) and aligned Puerto Rico to U.S. & Canada (previously reported in Latin America).

February 26, 2018: DowDuPont (DWDPunveiled the brand names it plans to give the three independent companies it will create following the merger of the former DuPont and Dow Chemical. The company said the agriculture division will be named Corteva Agriscience, the materials science division will be called Dow and the specialty products division will be called DuPont. The materials science division is expected to be spun off by the end of the first quarter of 2019, while agriculture and specialty products are expected to separate by June 1, 2019.

March 8, 2019: DowDuPont (DWDP) said its board has approved the separation of its materials science division, paving the way for the creation of the new Dow. Dow will be an independent, publicly traded company that will list on the New York Stock Exchange on or about March 20 under the ticker symbol "DOW WI" on a when-issued basis and then begin regular-way trading April 2 under the ticker symbol "DOW."

April 1, 2019: DowDuPont (DWDP) announced that it has completed the separation of its Materials Science Division through the spin-off of Dow Inc.. Dow will begin “regular way” trading on the NYSE under the symbol “DOW”.

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