Before You Buy the IPO, Here is What You Need to Consider
By Q1 2020, Danaher (DHR) would have completed two Spinoffs in four years with the successful Spinoff of Fortive Corp. (FTV) in July 2016. However, before DHR distributes shares of its dental segment Envista Holdings Corp. (NVST) to shareholders, it will raise $602m by IPOing 17.3% of its stake this week (Sep 18th). While we have infrequently seen this play as an alternative to a straight Spinoff, when it does take place, past transactions have reflected muted returns from IPO to Spin date. Could NVST break the trend of past IPO-Spins?What's Happening?
Danaher Corp. (DHR) announced in July 2018 its plan to Spinoff its Dental segment by the second half of 2019. This separation was altered in February 2019 into an IPO-Spin, in which DHR would perform a partial (
Danaher designs, manufactures and markets medical, industrial and commercial products and services. The company's segments include: Life Sciences, which provides research tools to study genes, proteins, metabolites and cells, in order to understand the causes of disease, identify therapies and test drugs and vaccines; Diagnostics, which provides analytical instruments, reagents, consumables, software and services that hospitals, physicians' offices, reference laboratories and other critical care settings use to diagnose disease and make treatment decisions; and Environmental and Applied Solutions, which provides products and services to protect resources and global food and water supplies.
The Edge Group - Global Fundamental Catalyst Investing. The Edge provides investors with access to hidden corporate value from Global Special Situations using a pioneering approach to investments. Founded in 2005 by fund management and investment banking professionals to provide high quality, private equity-level research on Global Corporate Divestitures for the benefit of fundamental event-driven, growth and value-oriented investors in this difficult to track, but proven investment space.
The Edge will look to screen and analyze include Spinoffs; Reverse Morris Trusts; Squeeze Outs; Privatizations; Demutualization; Deep Discounted; Rights Issues; Rights Offering; Restructuring; Insider Purchases / Buying Change of Management / CEO Change; Deteriorating fundamentals; Post-Bankruptcy; Reorganization; Tender Offer; M&A Deals; Secondary Offering; Share Swap; Thrift Conversions; Share Buybacks; Activist; Mergers. All analyzed from a fundamental point of view.
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