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Recently Completed Spinoffs List

Filter by: Upcoming | Completed

Note: Premium members can sort this table by 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 and Type.

Premium member can access all Completed Spinoffs.

  Spinoff NameSpinoff SymbolAnnounced DateSpinoff DateFirst Day ClosingSpinoff Last PriceSpinoff PerformanceSpinoff Current VolumeParent NameParent SymbolParent First Day ClosingParent Last PriceParent PerformaceParent Current VolumeType
detailMillrose Properties unitMRP12/18/202402/07/202525.8022.92-11.16%5,202,763LennarLEN121.85123.841.63%1,667,854Spinoff
Lennar , spinoff details:

Lennar Corporation (LEN, LEN.B) announced plans for a spinoff through its subsidiary, Millrose Properties, Inc., pending Board approval and customary conditions.

  • Lennar will distribute 80% of Millrose's shares to its Class A and Class B shareholders.
  • The remaining 20% of Millrose shares will be divested through a spinoff, split-off, or other transaction.
  • Millrose's focus: land purchases, horizontal development, and homesite option agreements for Lennar and other entities.
  •  

    Assets contributed by Lennar include:

    • Homesite option purchase platform HOPP'R
    • Land sites
    • Up to $1 billion in cash
    • Trademark rights and other assets.
  • $900 million of the cash will be used to acquire land assets from Rausch Coleman Companies LLC, a private U.S. homebuilder.
  • Millrose plans to qualify as a real estate investment trust (REIT) for tax purposes.
  • Up to 135 million shares of Millrose Class A and Class B stock are expected to be issued.
  • Update(s):

    January 10, 2025: Lennar will spin off 80% of Millrose Properties, distributing one Millrose share per two Lennar shares held as of January 21, 2025, with trading starting February 7. Millrose Class A stock offers 1 vote/share, while Class B (10 votes/share) is non-tradable.

    • Lennar will distribute one share of Millrose Class A or Class B common stock for every two shares of Lennar Class A or Class B common stock held as of the record date, January 21, 2025.
    • The distribution will occur before the opening of trading on February 7, 2025.
    • Stock acquired after the record date will not qualify for Millrose shares in the spin-off.
    • "When-issued" trading of Millrose Class A common stock on the NYSE under the symbol "MRP WI" is expected to begin on February 5, 2025.
    • Regular trading of Millrose Class A common stock under the symbol "MRP" will start on February 7, 2025.

    Millrose Stock Details:

    • Millrose will issue two classes of stock: Class A (1 vote per share) and Class B (10 votes per share).
    • Class A stock will be listed on the NYSE under the symbol "MRP".
    • Class B stock will not be listed or traded on any exchange or quotation system.
    • Class B stockholders will have higher voting rights but lower valuation.

    Election Period and Taxation:

    • Lennar stockholders may elect to receive Class B common stock instead of Class A during the election period, January 21 – February 3, 2025.
    • Stockholders who do not make an election will receive Class A shares by default.
    • Election materials will be sent to stockholders after the record date.

    The distribution of Millrose shares will be taxable to Lennar stockholders.

    February 7, 2025: Lennar Corporation (LEN) and Millrose Properties (MRP), jointly announced that they have successfully completed the previously announced taxable spin-off of Millrose from Lennar through a distribution of approximately 80% of Millrose's stock to Lennar's stockholders. (Press Release)

     

    Stock Distribution:
    Lennar shareholders as of January 21, 2025 received one share of Millrose Class A stock (or Class B if elected) for every two shares of Lennar stock.
    Fractional shares were aggregated and sold in the public market.
    Millrose Public Trading:
    Millrose is now an independent, publicly traded company on the NYSE under the symbol “MRP.”
    120.98M Millrose Class A shares and 11.82M Class B shares have been distributed, totaling 166M outstanding shares.
    Lennar retains a 20% stake (33.2M shares), which it plans to dispose of later via spin-off, sale, or offering.
    Business Focus:
    Millrose specializes in land purchases, horizontal development, and homesite option agreements for Lennar and other developers.
    Lennar contributed $5.5B in land assets and $1B in cash to Millrose.
    Millrose’s book equity value is ~$5.8B (as of Dec. 31, 2024).
    Financial Structure:
    $1.3B revolving credit facility, expandable to $2B with additional lender commitments.
    Millrose will operate as a real estate investment trust (REIT) for tax purposes.
    Strategic Purpose:
    The spin-off accelerates Lennar’s shift into a pure-play, asset-light home manufacturer.
    Millrose aims to become an industry-leading land banking platform supporting Lennar and other builders.
    Management & Oversight:
    Millrose is externally managed by Kennedy Lewis Land and Residential Advisors LLC, an affiliate of Kennedy Lewis Investment Management ($25B+ AUM).

    Stock Distribution:

    • Lennar shareholders as of January 21, 2025 received one share of Millrose Class A stock (or Class B if elected) for every two shares of Lennar stock.
    • Fractional shares were aggregated and sold in the public market.

    Millrose Public Trading:

    • Millrose is now an independent, publicly traded company on the NYSE under the symbol “MRP.”
    • 120.98M Millrose Class A shares and 11.82M Class B shares have been distributed, totaling 166M outstanding shares.
    • Lennar retains a 20% stake (33.2M shares), which it plans to dispose of later via spin-off, sale, or offering.

    Business Focus:

    • Millrose specializes in land purchases, horizontal development, and homesite option agreements for Lennar and other developers.
    • Lennar contributed $5.5B in land assets and $1B in cash to Millrose.Millrose’s book equity value is ~$5.8B (as of Dec. 31, 2024).

    Financial Structure:

    • $1.3B revolving credit facility, expandable to $2B with additional lender commitments.
    • Millrose will operate as a real estate investment trust (REIT) for tax purposes.

    Strategic Purpose:

    • The spin-off accelerates Lennar’s shift into a pure-play, asset-light home manufacturer.
    • Millrose aims to become an industry-leading land banking platform supporting Lennar and other builders.

    Management & Oversight:

    Millrose is externally managed by Kennedy Lewis Land and Residential Advisors LLC, an affiliate of Kennedy Lewis Investment Management ($25B+ AUM).

    Lennar Corporation Investor Relations

     

      detailTwin Hospitality GroupTWNP11/04/202401/30/202517.109.95-41.81%25,119FAT Brands Inc.FAT3.813.75-1.57%46,627Spinoff
      FAT Brands Inc., spinoff details:

      FAT Brands (FAT) announced that its operating unit, Twin Hospitality Group Inc. (managing Twin Peaks and Smokey Bones), has filed a Form 10 Registration Statement with the SEC.

      Planned Spinoff:

      • FAT Brands plans to distribute ~5% of Twin Hospitality Group’s Class A Common Stock to its shareholders.
      • Twin Hospitality Group aims to list on Nasdaq as an independent company.
      • FAT Brands will retain 95% ownership post-distribution.

      Update(s):

      January 16, 2025: FAT Brands has provided an update on its planned spin-off of Twin Hospitality Group Inc., the operator of Twin Peaks and Smokey Bones restaurant brands. (Press Release)

      FAT Brands Board Approval: FAT Brands Inc. (NASDAQ: FAT) has approved a special stock dividend distribution of Class A Common Stock ("Twin Common Stock") of Twin Hospitality Group Inc.,

      Ownership Structure:

      • FAT Brands will distribute approximately 5% of Twin Hospitality's fully diluted Class A Common Stock to its shareholders.
      • FAT Brands will retain the remaining 95% of Twin Hospitality shares post-distribution.

      Key Dates:

      • Record Date: January 27, 2025 – Shareholders must hold FAT Brands stock by this date to be eligible.
      • Distribution Date: January 29, 2025 – Eligible shareholders will receive 0.1520207 shares of Twin Common Stock per FAT share.
      • Trading Commences: January 30, 2025 – Twin Common Stock will trade on Nasdaq under the symbol "TWNP."

      Fractional Shares: No fractional shares will be distributed. Instead, these will be sold in the open market, and proceeds will be paid to eligible shareholders as cash.

      Warrant Holders:

      • FAT Brands’ warrant holders (FATBW) must exercise their warrants before the record date to receive Twin Common Stock.
      • Unexercised warrants will not receive Twin shares but will have their exercise price adjusted downward.

      Trading Information:

      • Regular Way Market: FAT shares (FAT, FATBB) will trade with the entitlement to Twin Common Stock.
      • Ex-Distribution Market: FAT shares (FATAV, FATBV) will trade without the entitlement.

      Financial and Legal Advisors: Clear Street, BTIG, Roth Capital Partners, and ICR Capital are advising the transaction. Legal counsel is provided by Greenberg Traurig, LLP.

       

      Update(s):

      January 30, 2025: On January 29, 2025, FAT Brands completed the previously announced spin-off of Twin Hospitality Group, distributing approximately 5.0% of Twin Hospitality’s fully diluted Class A Common Stock as a pro rata dividend.

      Distribution Details: FAT Brands stockholders received 0.1520207 shares of Twin Hospitality’s Class A Common Stock for each share of FAT Brands Class A or Class B common stock held.

      Record Date: January 27, 2025.

      Completion Date: January 29, 2025.

      Independent Company: Following the spin-off, Twin Hospitality became a standalone, publicly traded company.

      Stock Listing: Twin Hospitality’s shares began trading on the Nasdaq Global Market under the ticker symbol “TWNP”.

      In connection with the Spin-Off, on January 24, 2025, the Company entered into a Master Separation and Distribution Agreement (the “Master Separation Agreement”) and Tax Matters Agreement (the “Tax Matters Agreement”) with Twin Hospitality, which provide a framework for Twin Hospitality’s on-going relationship with FAT Brands following the Spin-Off.

       

        FAT Brands Investor Relations

        detailConcentraCON01/03/202411/25/202422.1322.722.67%343,358Select Medical Holdings CorporationSEM20.8518.65-10.55%373,310Spinoff
        Select Medical Holdings Corporation, spinoff details:

         

        Select Medical Holdings Corporation (SEM) announced that its board of directors has approved a plan to pursue the separation of Select Medical's wholly-owned occupational health services business, Concentra Group Holdings Parent. 
        The potential separation is intended to be tax-free to Select Medical and its stockholders and be completed in late 2024.

        Select Medical Holdings Corporation (SEM) announced that its board of directors has approved a plan to pursue the separation of Select Medical's wholly-owned occupational health services business, Concentra Group Holdings Parent. 

        The potential separation is intended to be tax-free to Select Medical and its stockholders and be completed in late 2024.

         

        Update(s):

        February 27, 2024: Select Medical Holdings Corporation (SEM) announced that it has received a favorable private letter ruling from the Internal Revenue Service (IRS) with respect to the tax-free status of its previously announced plan to pursue a separation of its wholly-owned occupational health services business, Concentra Group Holdings Parent.

        November 6, 2024: Select Medical approved a special distribution of its 104.09M shares (81.7% ownership) in Concentra Group Holdings (CON) to stockholders. The distribution will occur on November 25, 2024, for stockholders on record as of November 18, 2024.

        November 19, 2024: Select Medical Holdings (SEM) announced the distribution ratio for its special stock distribution of Concentra Group Holdings (CON) shares. Shareholders as of November 18, 2024, will receive 0.806971 Concentra shares for each Select Medical share held, with cash paid for fractional shares. The distribution, set for November 25, 2024, is intended to be tax-free for U.S. federal income tax purposes.

        November 25, 2024: Select Medical Holdings Corporation (SEM) completes the spinoff of Concentra Group Holdings (CON).

      • Shares Distributed: Select Medical distributed 104,093,503 shares of Concentra's common stock, representing approximately 81.7% of Concentra's outstanding shares.
      • Post-Distribution Ownership: Following the distribution, Select Medical no longer holds any Concentra common stock.
      • Distribution Details:
        • The distribution was made to Select Medical stockholders as of the record date, November 18, 2024.
        • Stockholders received shares pro rata based on their holdings.
        • The ratio of distribution was 0.806971 shares of Concentra common stock for every share of Select Medical common stock held on the record date.

         

        Select Medical Holdings Investor Relations

        Concentra Investor Relations

         

        Resources

        November 12, 2024: Concentra Investor Presentation

        detailSunrise TelecomSNRE02/16/202411/08/20244747.050.11%352,031Liberty Global Ltd.LBTYA10.3311.036.78%2,705,076Spinoff
        Liberty Global Ltd., spinoff details:

        Liberty Global (LBTYA, LBTYB and LBTYK) announces its intention to spin-off mobile network operator Sunrise and list it as a separate entity on the SIX Swiss Exchange with two classes of shares. Liberty Global said it will invest up to CHF1.5 billion ($1.7 billion) for debt reduction in Sunrise.

        The listing of Sunrise on the SIX Swiss Exchange is planned for second half of 2024. The proposed spin-off is expected to be tax-free for Liberty Global U.S. shareholders.

        Press Release PDF

        Investor Presentation

        Liberty Global Investor Relations

        Update(s):

        September 9, 2024: Liberty Global will spin off its Swiss telecoms operator Sunrise to shareholders in the fourth quarter of 2024.

        October 15, 2024: Liberty Global's 100% spin-off of Sunrise will be finalized after a shareholder meeting on October 25, 2024.

        Distribution

        • Record date: November 4, 2024.
        • ADS distribution date: November 12, 2024.
        • 1 Sunrise Class A ADS for every 5 Liberty Global Class A or C shares.

        Trading Dates

        • Sunrise Class A ADS on Nasdaq: "when-issued" from November 4, 2024, regular trading from November 13, 2024.
        • Sunrise Class A shares on SIX Swiss Exchange: starting November 15, 2024.

        October 29, 2024: Liberty Global confirmed the Sunrise spin-off for November 12, 2024, with $1.7 billion in debt reduction by year-end. A CHF 240 million dividend is expected in mid-2025, with a future annual dividend policy.

        November 8, 2024: Liberty Global announced that it has completed the announced spin-off of its Swiss business, Sunrise, into a separate publicly traded company.

      • Sunrise ADSs will be distributed to Liberty Global shareholders on Nov 12, 2024.
      • Shareholders receive 1 Class A ADS per 5 Class A/C shares and 2 Class B ADSs per Class B share held on Nov 4, 2024.
      • Sunrise Class A ADS will trade on Nasdaq as "SNRE" on Nov 13 and on SIX Swiss Exchange as "SUNN" on Nov 15.
      • ADS holders can cancel ADSs for direct shares from Nov 14.
      • No cancellation fees within three months of spin-off.
      •  

        detailMagneraMAGN02/07/202411/04/202421.5022.514.70%451,945Berry Global GroupBERY64.7970.248.41%543,083Reverse Morris Trust
        Berry Global Group, spinoff details:

        Berry Global Group, Inc. (BERY) and Glatfelter Corporation (GLT) announced they have entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business with Glatfelter to create a leading publicly-traded company in the specialty materials industry.

         

        Update(s):

        Apr. 17, 2024: Berry Global Group, Inc. (BERY) and Glatfelter Corporation (GLT) announced the achievement of a regulatory milestone in the proposed transaction involving the combination of a majority of Berry’s Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business with Glatfelter, with the expiration of the required waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act.

        June 25, 2024: Berry Global Group, Inc. (BERY) and Glatfelter Corporation (GLT) announced a key regulatory milestone for their transaction to combine Berry's Health, Hygiene and Specialties segment with Glatfelter. They have now received all necessary approvals and clearances for the merger. Announced on February 7, 2024, Berry and Glatfelter entered into a definitive agreement under which Berry will spin-off and merge its HHNF business with Glatfelter in a Reverse Morris Trust transaction. The transaction, expected to close in the second half of 2024

        September 20, 2024: Berry Global Group (BERY) and Glatfelter Corporation (GLT) have announced an online shareholder meeting on October 23, 2024, for Glatfelter shareholders to vote on key matters, including the issuance of additional common stock, a charter amendment to increase authorized shares, and a reverse stock split. These approvals are critical to the proposed Reverse Morris Trust transaction, merging Berry’s Health, Hygiene, and Specialties Global Nonwovens and Films business with Glatfelter. Upon completion, the combined entity will be renamed Magnera Corporation.

        October 22, 2024: Berry Global Group (BERY) and Glatfelter Corporation (GLT) announced the record date for Berry's spin-off of its Health, Hygiene, and Specialties Global Nonwovens and Films business (HHNF).

        The record date is set for November 1, 2024, with the spin-off and merger expected to complete on November 4, 2024, pending closing conditions.

        • Merger and Reverse Stock Split: Upon completion, Berry's HHNF business will merge into a subsidiary of Glatfelter, which will undergo a reverse stock split and rebrand as Magnera Corporation.
        • Stock Distribution: Berry stockholders will receive shares of Magnera in exchange for their shares of Berry stock, with the final number determined by the shares outstanding of both Berry and Glatfelter at the time of the merger and the reverse stock split ratio set by Glatfelter's board.
        • Ownership Post-Merger: Post-transaction, Berry stockholders are expected to own approximately 90% of Magnera, while Glatfelter shareholders will hold 10% of the new entity.
        • Hypothetical Example: Assuming 115.06 million Berry shares and 45.95 million Glatfelter shares outstanding before the reverse stock split, Berry shareholders would receive approximately 0.24 shares of Magnera for every Berry share, after a hypothetical 1-for-15 reverse stock split.

        October 23, 2024:  Glatfelter  and Berry Global  announced that Glatfelter shareholders have approved all proposals related to the merger of Berry’s Health, Hygiene, and Specialties Global Nonwovens and Films business with Glatfelter.

        The merger is expected to close on November 4, 2024, subject to closing conditions. In connection with the merger, Glatfelter will implement a 1-for-13 reverse stock split and rebrand as Magnera Corporation, effective November 4, 2024. Post-split, Glatfelter’s stock will trade under a new CUSIP number on a split-adjusted basis.

        November 1, 2024:

        Berry Global Group announced the completion of the merger between Berry’s Health, Hygiene and Specialties Global Nonwovens and Films business (HHNF Business) and Glatfelter, resulting in the creation of Magnera Corporation (MAGN), the largest nonwovens company in the world, with a broad platform of solutions for the specialty materials industry. 
        Magnera will begin trading on the NYSE under the new ticker symbol “MAGN” on Tuesday, November 5, 2024.
        As a result of the transaction, which was structured as a Reverse Morris Trust transaction, each Berry stockholder received 0.276305 shares of Magnera with respect to each share of Berry common stock owned as of November 1, 2024 (which reflects the 1-for-13 reverse stock split effected by Magnera on November 4, 2024).

        Berry Global Group announced the completion of the merger between Berry’s Health, Hygiene and Specialties Global Nonwovens and Films business (HHNF Business) and Glatfelter, resulting in the creation of Magnera Corporation (MAGN), the largest nonwovens company in the world, with a broad platform of solutions for the specialty materials industry. 

        Magnera will begin trading on the NYSE under the new ticker symbol “MAGN” on Tuesday, November 5, 2024.

        As a result of the transaction, which was structured as a Reverse Morris Trust transaction, each Berry stockholder received 0.276305 shares of Magnera with respect to each share of Berry common stock owned as of November 1, 2024 (which reflects the 1-for-13 reverse stock split effected by Magnera on November 4, 2024).

        Berry Global Group Investor Relations

         

        Glatfelter Corporation Investor Relations

         

        Resources

        Spinoff Presenation

        detailEverus Construction GroupECG11/02/202311/01/202452.4948.14-8.29%928,927MDU ResourcesMDU15.1016.7711.06%1,018,689Spinoff
        MDU Resources, spinoff details:

         

        MDU Resources Group, Inc. (MDU) announced that its board of directors has approved a plan to spin off the company's wholly owned construction services business, MDU Construction Services Group, Inc., to the shareholders of MDU Resources, resulting in two independent, publicly traded companies. 
        The spinoff is expected to be effected as a tax-free spinoff to MDU Resources and its shareholders and be complete in late 2024.

        MDU Resources Group, Inc. (MDU) announced that its board of directors has approved a plan to spin off the company's wholly owned construction services business, MDU Construction Services Group, Inc., to the shareholders of MDU Resources, resulting in two independent, publicly traded companies. 

        The spinoff is expected to be effected as a tax-free spinoff to MDU Resources and its shareholders and be complete in late 2024.

        Updates:

        November 2, 2023: Investor Presentation

        March 13, 2024: MDU Resources Group (MDU) announced that its construction services business, MDU Construction Services Group has rebranded to Everus Construction Group, Inc. in preparation for the planned tax-free spinoff of the business, expected to be complete late this year.

        More information about Everus can be found at here.

        August 8, 2024: During Q2 earnings, MDU Resources reiterated it is working toward a tax-free spinoff of Everus into a separate, publicly traded company. The spinoff is expected to be complete in late 2024.

        September 16, 2024: Investor Presentation

        October 2, 2024: MDU Resources Group announced its board's approval of the spinoff of Everus Construction Group, its wholly owned construction services subsidiary. Everus Construction Group, through a pro rata distribution of all the outstanding shares of Everus common stock.

        • MDU stockholders will retain their MDU shares and receive one share of Everus common stock for every four MDU shares owned as of the record date, October 21, 2024.

        • Everus stock distribution will occur on October 31, 2024, to stockholders of record as of October 21, 2024, subject to certain conditions, including SEC approval of the Registration Statement on Form 10 for Everus.

        • Fractional shares of Everus common stock will not be distributed; instead, fractional shares will be sold, and proceeds will be distributed in cash.

        • No stockholder approval or action is rerecorquired to receive Everus shares or cash for fractional shares.

        • The spinoff is expected to be tax-free for U.S. federal income tax purposes, except for cash received in lieu of fractional shares.

        • A "when-issued" trading market for Everus common stock under the ticker "ECG WI" is expected to begin around October 28 and continue through October 31, 2024.

        • MDU Resources shares will trade under the ticker "MDU WI" in an ex-distribution market starting around October 28 through October 31, 2024.

        • MDU stockholders who sell shares in regular way trading on or before October 31 will also be selling their right to receive Everus stock.

        • After the distribution, Everus will trade under the ticker "ECG" on the NYSE, while MDU will continue trading under the ticker "MDU."

        • An Investor and Analyst Day for Everus will be held on October 17, 2024

         

        October 17, 2024: Everus Construction Group Investor Day

        November 1, 2024: MDU Resources Group, announced completion of the spinoff of its construction services subsidiary, Everus Construction Group ECG.

        Distribution Details: MDU Resources shareholders received one share of Everus for every four MDU shares held as of October 21, 2024. Fractional shares were sold, with proceeds distributed as cash.

        Trading Info: Everus (ECG) begins regular trading on the NYSE today. MDU Resources will continue trading as "MDU."

        Advisors: J.P. Morgan Securities LLC and PJT Partners advised on the transaction; Wachtell, Lipton, Rosen & Katz served as legal advisors.

         

         

        MDU Resources Group, Inc. Investor Relations

        Resources

        November 2023 : Announcement

        November 2, 2023: Investor Presentation

        September 12, 2024: Form 10-12B

        September 16, 2024: Investor Presentation

        Everus Construction Group 

        MDU Spinoff News Release

        October 17, 2024: Everus Construction Group Investor Day

          Note: Premium members can sort this table Spinoff Name, Announced Date and Parent Symbol.

          Premium member can access all Completed Spinoffs.

            Spinoff NameAnnounced DateParent Symbol
          detailMillrose Properties unit12/18/2024LEN
          Lennar , spinoff details:

          Lennar Corporation (LEN, LEN.B) announced plans for a spinoff through its subsidiary, Millrose Properties, Inc., pending Board approval and customary conditions.

        • Lennar will distribute 80% of Millrose's shares to its Class A and Class B shareholders.
        • The remaining 20% of Millrose shares will be divested through a spinoff, split-off, or other transaction.
        • Millrose's focus: land purchases, horizontal development, and homesite option agreements for Lennar and other entities.
        •  

          Assets contributed by Lennar include:

          • Homesite option purchase platform HOPP'R
          • Land sites
          • Up to $1 billion in cash
          • Trademark rights and other assets.
        • $900 million of the cash will be used to acquire land assets from Rausch Coleman Companies LLC, a private U.S. homebuilder.
        • Millrose plans to qualify as a real estate investment trust (REIT) for tax purposes.
        • Up to 135 million shares of Millrose Class A and Class B stock are expected to be issued.
        • Update(s):

          January 10, 2025: Lennar will spin off 80% of Millrose Properties, distributing one Millrose share per two Lennar shares held as of January 21, 2025, with trading starting February 7. Millrose Class A stock offers 1 vote/share, while Class B (10 votes/share) is non-tradable.

          • Lennar will distribute one share of Millrose Class A or Class B common stock for every two shares of Lennar Class A or Class B common stock held as of the record date, January 21, 2025.
          • The distribution will occur before the opening of trading on February 7, 2025.
          • Stock acquired after the record date will not qualify for Millrose shares in the spin-off.
          • "When-issued" trading of Millrose Class A common stock on the NYSE under the symbol "MRP WI" is expected to begin on February 5, 2025.
          • Regular trading of Millrose Class A common stock under the symbol "MRP" will start on February 7, 2025.

          Millrose Stock Details:

          • Millrose will issue two classes of stock: Class A (1 vote per share) and Class B (10 votes per share).
          • Class A stock will be listed on the NYSE under the symbol "MRP".
          • Class B stock will not be listed or traded on any exchange or quotation system.
          • Class B stockholders will have higher voting rights but lower valuation.

          Election Period and Taxation:

          • Lennar stockholders may elect to receive Class B common stock instead of Class A during the election period, January 21 – February 3, 2025.
          • Stockholders who do not make an election will receive Class A shares by default.
          • Election materials will be sent to stockholders after the record date.

          The distribution of Millrose shares will be taxable to Lennar stockholders.

          February 7, 2025: Lennar Corporation (LEN) and Millrose Properties (MRP), jointly announced that they have successfully completed the previously announced taxable spin-off of Millrose from Lennar through a distribution of approximately 80% of Millrose's stock to Lennar's stockholders. (Press Release)

           

          Stock Distribution:
          Lennar shareholders as of January 21, 2025 received one share of Millrose Class A stock (or Class B if elected) for every two shares of Lennar stock.
          Fractional shares were aggregated and sold in the public market.
          Millrose Public Trading:
          Millrose is now an independent, publicly traded company on the NYSE under the symbol “MRP.”
          120.98M Millrose Class A shares and 11.82M Class B shares have been distributed, totaling 166M outstanding shares.
          Lennar retains a 20% stake (33.2M shares), which it plans to dispose of later via spin-off, sale, or offering.
          Business Focus:
          Millrose specializes in land purchases, horizontal development, and homesite option agreements for Lennar and other developers.
          Lennar contributed $5.5B in land assets and $1B in cash to Millrose.
          Millrose’s book equity value is ~$5.8B (as of Dec. 31, 2024).
          Financial Structure:
          $1.3B revolving credit facility, expandable to $2B with additional lender commitments.
          Millrose will operate as a real estate investment trust (REIT) for tax purposes.
          Strategic Purpose:
          The spin-off accelerates Lennar’s shift into a pure-play, asset-light home manufacturer.
          Millrose aims to become an industry-leading land banking platform supporting Lennar and other builders.
          Management & Oversight:
          Millrose is externally managed by Kennedy Lewis Land and Residential Advisors LLC, an affiliate of Kennedy Lewis Investment Management ($25B+ AUM).

          Stock Distribution:

          • Lennar shareholders as of January 21, 2025 received one share of Millrose Class A stock (or Class B if elected) for every two shares of Lennar stock.
          • Fractional shares were aggregated and sold in the public market.

          Millrose Public Trading:

          • Millrose is now an independent, publicly traded company on the NYSE under the symbol “MRP.”
          • 120.98M Millrose Class A shares and 11.82M Class B shares have been distributed, totaling 166M outstanding shares.
          • Lennar retains a 20% stake (33.2M shares), which it plans to dispose of later via spin-off, sale, or offering.

          Business Focus:

          • Millrose specializes in land purchases, horizontal development, and homesite option agreements for Lennar and other developers.
          • Lennar contributed $5.5B in land assets and $1B in cash to Millrose.Millrose’s book equity value is ~$5.8B (as of Dec. 31, 2024).

          Financial Structure:

          • $1.3B revolving credit facility, expandable to $2B with additional lender commitments.
          • Millrose will operate as a real estate investment trust (REIT) for tax purposes.

          Strategic Purpose:

          • The spin-off accelerates Lennar’s shift into a pure-play, asset-light home manufacturer.
          • Millrose aims to become an industry-leading land banking platform supporting Lennar and other builders.

          Management & Oversight:

          Millrose is externally managed by Kennedy Lewis Land and Residential Advisors LLC, an affiliate of Kennedy Lewis Investment Management ($25B+ AUM).

          Lennar Corporation Investor Relations

           

            detailTwin Hospitality Group11/04/2024FAT
            FAT Brands Inc., spinoff details:

            FAT Brands (FAT) announced that its operating unit, Twin Hospitality Group Inc. (managing Twin Peaks and Smokey Bones), has filed a Form 10 Registration Statement with the SEC.

            Planned Spinoff:

            • FAT Brands plans to distribute ~5% of Twin Hospitality Group’s Class A Common Stock to its shareholders.
            • Twin Hospitality Group aims to list on Nasdaq as an independent company.
            • FAT Brands will retain 95% ownership post-distribution.

            Update(s):

            January 16, 2025: FAT Brands has provided an update on its planned spin-off of Twin Hospitality Group Inc., the operator of Twin Peaks and Smokey Bones restaurant brands. (Press Release)

            FAT Brands Board Approval: FAT Brands Inc. (NASDAQ: FAT) has approved a special stock dividend distribution of Class A Common Stock ("Twin Common Stock") of Twin Hospitality Group Inc.,

            Ownership Structure:

            • FAT Brands will distribute approximately 5% of Twin Hospitality's fully diluted Class A Common Stock to its shareholders.
            • FAT Brands will retain the remaining 95% of Twin Hospitality shares post-distribution.

            Key Dates:

            • Record Date: January 27, 2025 – Shareholders must hold FAT Brands stock by this date to be eligible.
            • Distribution Date: January 29, 2025 – Eligible shareholders will receive 0.1520207 shares of Twin Common Stock per FAT share.
            • Trading Commences: January 30, 2025 – Twin Common Stock will trade on Nasdaq under the symbol "TWNP."

            Fractional Shares: No fractional shares will be distributed. Instead, these will be sold in the open market, and proceeds will be paid to eligible shareholders as cash.

            Warrant Holders:

            • FAT Brands’ warrant holders (FATBW) must exercise their warrants before the record date to receive Twin Common Stock.
            • Unexercised warrants will not receive Twin shares but will have their exercise price adjusted downward.

            Trading Information:

            • Regular Way Market: FAT shares (FAT, FATBB) will trade with the entitlement to Twin Common Stock.
            • Ex-Distribution Market: FAT shares (FATAV, FATBV) will trade without the entitlement.

            Financial and Legal Advisors: Clear Street, BTIG, Roth Capital Partners, and ICR Capital are advising the transaction. Legal counsel is provided by Greenberg Traurig, LLP.

             

            Update(s):

            January 30, 2025: On January 29, 2025, FAT Brands completed the previously announced spin-off of Twin Hospitality Group, distributing approximately 5.0% of Twin Hospitality’s fully diluted Class A Common Stock as a pro rata dividend.

            Distribution Details: FAT Brands stockholders received 0.1520207 shares of Twin Hospitality’s Class A Common Stock for each share of FAT Brands Class A or Class B common stock held.

            Record Date: January 27, 2025.

            Completion Date: January 29, 2025.

            Independent Company: Following the spin-off, Twin Hospitality became a standalone, publicly traded company.

            Stock Listing: Twin Hospitality’s shares began trading on the Nasdaq Global Market under the ticker symbol “TWNP”.

            In connection with the Spin-Off, on January 24, 2025, the Company entered into a Master Separation and Distribution Agreement (the “Master Separation Agreement”) and Tax Matters Agreement (the “Tax Matters Agreement”) with Twin Hospitality, which provide a framework for Twin Hospitality’s on-going relationship with FAT Brands following the Spin-Off.

             

              FAT Brands Investor Relations

              detailConcentra01/03/2024SEM
              Select Medical Holdings Corporation, spinoff details:

               

              Select Medical Holdings Corporation (SEM) announced that its board of directors has approved a plan to pursue the separation of Select Medical's wholly-owned occupational health services business, Concentra Group Holdings Parent. 
              The potential separation is intended to be tax-free to Select Medical and its stockholders and be completed in late 2024.

              Select Medical Holdings Corporation (SEM) announced that its board of directors has approved a plan to pursue the separation of Select Medical's wholly-owned occupational health services business, Concentra Group Holdings Parent. 

              The potential separation is intended to be tax-free to Select Medical and its stockholders and be completed in late 2024.

               

              Update(s):

              February 27, 2024: Select Medical Holdings Corporation (SEM) announced that it has received a favorable private letter ruling from the Internal Revenue Service (IRS) with respect to the tax-free status of its previously announced plan to pursue a separation of its wholly-owned occupational health services business, Concentra Group Holdings Parent.

              November 6, 2024: Select Medical approved a special distribution of its 104.09M shares (81.7% ownership) in Concentra Group Holdings (CON) to stockholders. The distribution will occur on November 25, 2024, for stockholders on record as of November 18, 2024.

              November 19, 2024: Select Medical Holdings (SEM) announced the distribution ratio for its special stock distribution of Concentra Group Holdings (CON) shares. Shareholders as of November 18, 2024, will receive 0.806971 Concentra shares for each Select Medical share held, with cash paid for fractional shares. The distribution, set for November 25, 2024, is intended to be tax-free for U.S. federal income tax purposes.

              November 25, 2024: Select Medical Holdings Corporation (SEM) completes the spinoff of Concentra Group Holdings (CON).

            • Shares Distributed: Select Medical distributed 104,093,503 shares of Concentra's common stock, representing approximately 81.7% of Concentra's outstanding shares.
            • Post-Distribution Ownership: Following the distribution, Select Medical no longer holds any Concentra common stock.
            • Distribution Details:
              • The distribution was made to Select Medical stockholders as of the record date, November 18, 2024.
              • Stockholders received shares pro rata based on their holdings.
              • The ratio of distribution was 0.806971 shares of Concentra common stock for every share of Select Medical common stock held on the record date.

               

              Select Medical Holdings Investor Relations

              Concentra Investor Relations

               

              Resources

              November 12, 2024: Concentra Investor Presentation

              detailSunrise Telecom02/16/2024LBTYA
              Liberty Global Ltd., spinoff details:

              Liberty Global (LBTYA, LBTYB and LBTYK) announces its intention to spin-off mobile network operator Sunrise and list it as a separate entity on the SIX Swiss Exchange with two classes of shares. Liberty Global said it will invest up to CHF1.5 billion ($1.7 billion) for debt reduction in Sunrise.

              The listing of Sunrise on the SIX Swiss Exchange is planned for second half of 2024. The proposed spin-off is expected to be tax-free for Liberty Global U.S. shareholders.

              Press Release PDF

              Investor Presentation

              Liberty Global Investor Relations

              Update(s):

              September 9, 2024: Liberty Global will spin off its Swiss telecoms operator Sunrise to shareholders in the fourth quarter of 2024.

              October 15, 2024: Liberty Global's 100% spin-off of Sunrise will be finalized after a shareholder meeting on October 25, 2024.

              Distribution

              • Record date: November 4, 2024.
              • ADS distribution date: November 12, 2024.
              • 1 Sunrise Class A ADS for every 5 Liberty Global Class A or C shares.

              Trading Dates

              • Sunrise Class A ADS on Nasdaq: "when-issued" from November 4, 2024, regular trading from November 13, 2024.
              • Sunrise Class A shares on SIX Swiss Exchange: starting November 15, 2024.

              October 29, 2024: Liberty Global confirmed the Sunrise spin-off for November 12, 2024, with $1.7 billion in debt reduction by year-end. A CHF 240 million dividend is expected in mid-2025, with a future annual dividend policy.

              November 8, 2024: Liberty Global announced that it has completed the announced spin-off of its Swiss business, Sunrise, into a separate publicly traded company.

            • Sunrise ADSs will be distributed to Liberty Global shareholders on Nov 12, 2024.
            • Shareholders receive 1 Class A ADS per 5 Class A/C shares and 2 Class B ADSs per Class B share held on Nov 4, 2024.
            • Sunrise Class A ADS will trade on Nasdaq as "SNRE" on Nov 13 and on SIX Swiss Exchange as "SUNN" on Nov 15.
            • ADS holders can cancel ADSs for direct shares from Nov 14.
            • No cancellation fees within three months of spin-off.
            •  

              detailMagnera02/07/2024BERY
              Berry Global Group, spinoff details:

              Berry Global Group, Inc. (BERY) and Glatfelter Corporation (GLT) announced they have entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business with Glatfelter to create a leading publicly-traded company in the specialty materials industry.

               

              Update(s):

              Apr. 17, 2024: Berry Global Group, Inc. (BERY) and Glatfelter Corporation (GLT) announced the achievement of a regulatory milestone in the proposed transaction involving the combination of a majority of Berry’s Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business with Glatfelter, with the expiration of the required waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act.

              June 25, 2024: Berry Global Group, Inc. (BERY) and Glatfelter Corporation (GLT) announced a key regulatory milestone for their transaction to combine Berry's Health, Hygiene and Specialties segment with Glatfelter. They have now received all necessary approvals and clearances for the merger. Announced on February 7, 2024, Berry and Glatfelter entered into a definitive agreement under which Berry will spin-off and merge its HHNF business with Glatfelter in a Reverse Morris Trust transaction. The transaction, expected to close in the second half of 2024

              September 20, 2024: Berry Global Group (BERY) and Glatfelter Corporation (GLT) have announced an online shareholder meeting on October 23, 2024, for Glatfelter shareholders to vote on key matters, including the issuance of additional common stock, a charter amendment to increase authorized shares, and a reverse stock split. These approvals are critical to the proposed Reverse Morris Trust transaction, merging Berry’s Health, Hygiene, and Specialties Global Nonwovens and Films business with Glatfelter. Upon completion, the combined entity will be renamed Magnera Corporation.

              October 22, 2024: Berry Global Group (BERY) and Glatfelter Corporation (GLT) announced the record date for Berry's spin-off of its Health, Hygiene, and Specialties Global Nonwovens and Films business (HHNF).

              The record date is set for November 1, 2024, with the spin-off and merger expected to complete on November 4, 2024, pending closing conditions.

              • Merger and Reverse Stock Split: Upon completion, Berry's HHNF business will merge into a subsidiary of Glatfelter, which will undergo a reverse stock split and rebrand as Magnera Corporation.
              • Stock Distribution: Berry stockholders will receive shares of Magnera in exchange for their shares of Berry stock, with the final number determined by the shares outstanding of both Berry and Glatfelter at the time of the merger and the reverse stock split ratio set by Glatfelter's board.
              • Ownership Post-Merger: Post-transaction, Berry stockholders are expected to own approximately 90% of Magnera, while Glatfelter shareholders will hold 10% of the new entity.
              • Hypothetical Example: Assuming 115.06 million Berry shares and 45.95 million Glatfelter shares outstanding before the reverse stock split, Berry shareholders would receive approximately 0.24 shares of Magnera for every Berry share, after a hypothetical 1-for-15 reverse stock split.

              October 23, 2024:  Glatfelter  and Berry Global  announced that Glatfelter shareholders have approved all proposals related to the merger of Berry’s Health, Hygiene, and Specialties Global Nonwovens and Films business with Glatfelter.

              The merger is expected to close on November 4, 2024, subject to closing conditions. In connection with the merger, Glatfelter will implement a 1-for-13 reverse stock split and rebrand as Magnera Corporation, effective November 4, 2024. Post-split, Glatfelter’s stock will trade under a new CUSIP number on a split-adjusted basis.

              November 1, 2024:

              Berry Global Group announced the completion of the merger between Berry’s Health, Hygiene and Specialties Global Nonwovens and Films business (HHNF Business) and Glatfelter, resulting in the creation of Magnera Corporation (MAGN), the largest nonwovens company in the world, with a broad platform of solutions for the specialty materials industry. 
              Magnera will begin trading on the NYSE under the new ticker symbol “MAGN” on Tuesday, November 5, 2024.
              As a result of the transaction, which was structured as a Reverse Morris Trust transaction, each Berry stockholder received 0.276305 shares of Magnera with respect to each share of Berry common stock owned as of November 1, 2024 (which reflects the 1-for-13 reverse stock split effected by Magnera on November 4, 2024).

              Berry Global Group announced the completion of the merger between Berry’s Health, Hygiene and Specialties Global Nonwovens and Films business (HHNF Business) and Glatfelter, resulting in the creation of Magnera Corporation (MAGN), the largest nonwovens company in the world, with a broad platform of solutions for the specialty materials industry. 

              Magnera will begin trading on the NYSE under the new ticker symbol “MAGN” on Tuesday, November 5, 2024.

              As a result of the transaction, which was structured as a Reverse Morris Trust transaction, each Berry stockholder received 0.276305 shares of Magnera with respect to each share of Berry common stock owned as of November 1, 2024 (which reflects the 1-for-13 reverse stock split effected by Magnera on November 4, 2024).

              Berry Global Group Investor Relations

               

              Glatfelter Corporation Investor Relations

               

              Resources

              Spinoff Presenation

              detailEverus Construction Group11/02/2023MDU
              MDU Resources, spinoff details:

               

              MDU Resources Group, Inc. (MDU) announced that its board of directors has approved a plan to spin off the company's wholly owned construction services business, MDU Construction Services Group, Inc., to the shareholders of MDU Resources, resulting in two independent, publicly traded companies. 
              The spinoff is expected to be effected as a tax-free spinoff to MDU Resources and its shareholders and be complete in late 2024.

              MDU Resources Group, Inc. (MDU) announced that its board of directors has approved a plan to spin off the company's wholly owned construction services business, MDU Construction Services Group, Inc., to the shareholders of MDU Resources, resulting in two independent, publicly traded companies. 

              The spinoff is expected to be effected as a tax-free spinoff to MDU Resources and its shareholders and be complete in late 2024.

              Updates:

              November 2, 2023: Investor Presentation

              March 13, 2024: MDU Resources Group (MDU) announced that its construction services business, MDU Construction Services Group has rebranded to Everus Construction Group, Inc. in preparation for the planned tax-free spinoff of the business, expected to be complete late this year.

              More information about Everus can be found at here.

              August 8, 2024: During Q2 earnings, MDU Resources reiterated it is working toward a tax-free spinoff of Everus into a separate, publicly traded company. The spinoff is expected to be complete in late 2024.

              September 16, 2024: Investor Presentation

              October 2, 2024: MDU Resources Group announced its board's approval of the spinoff of Everus Construction Group, its wholly owned construction services subsidiary. Everus Construction Group, through a pro rata distribution of all the outstanding shares of Everus common stock.

              • MDU stockholders will retain their MDU shares and receive one share of Everus common stock for every four MDU shares owned as of the record date, October 21, 2024.

              • Everus stock distribution will occur on October 31, 2024, to stockholders of record as of October 21, 2024, subject to certain conditions, including SEC approval of the Registration Statement on Form 10 for Everus.

              • Fractional shares of Everus common stock will not be distributed; instead, fractional shares will be sold, and proceeds will be distributed in cash.

              • No stockholder approval or action is rerecorquired to receive Everus shares or cash for fractional shares.

              • The spinoff is expected to be tax-free for U.S. federal income tax purposes, except for cash received in lieu of fractional shares.

              • A "when-issued" trading market for Everus common stock under the ticker "ECG WI" is expected to begin around October 28 and continue through October 31, 2024.

              • MDU Resources shares will trade under the ticker "MDU WI" in an ex-distribution market starting around October 28 through October 31, 2024.

              • MDU stockholders who sell shares in regular way trading on or before October 31 will also be selling their right to receive Everus stock.

              • After the distribution, Everus will trade under the ticker "ECG" on the NYSE, while MDU will continue trading under the ticker "MDU."

              • An Investor and Analyst Day for Everus will be held on October 17, 2024

               

              October 17, 2024: Everus Construction Group Investor Day

              November 1, 2024: MDU Resources Group, announced completion of the spinoff of its construction services subsidiary, Everus Construction Group ECG.

              Distribution Details: MDU Resources shareholders received one share of Everus for every four MDU shares held as of October 21, 2024. Fractional shares were sold, with proceeds distributed as cash.

              Trading Info: Everus (ECG) begins regular trading on the NYSE today. MDU Resources will continue trading as "MDU."

              Advisors: J.P. Morgan Securities LLC and PJT Partners advised on the transaction; Wachtell, Lipton, Rosen & Katz served as legal advisors.

               

               

              MDU Resources Group, Inc. Investor Relations

              Resources

              November 2023 : Announcement

              November 2, 2023: Investor Presentation

              September 12, 2024: Form 10-12B

              September 16, 2024: Investor Presentation

              Everus Construction Group 

              MDU Spinoff News Release

              October 17, 2024: Everus Construction Group Investor Day