SPIN-OFFS "secret hiding places of stock market profits" Message Board

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Non-Tech : SPIN-OFFS "secret hiding places of stock market profits"

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To: ron coleman who wrote ()	2/9/1998 9:52:00 PM
From: Terry Maynard	Read Replies (2) of 1185

Ron, I haven't forgotten about Marriott. As you mentioned in one of your posts, there is a lot of material to go through which I have embarked on now. A special shareholders meeting will be held on Mar 17 and the spin-off will be around the end of the month. From what I can gather this spin-off will be like the last one Marriott went through. The spun-off company (Marriott International) will have the lodging, senior and vacation businesses. The remaining company will consist of Marriots facilities management and distribution business. At the time of the spin-off, the remaining company SMS (Sodexho Marriott Services) will be merged with the North American operations of Sodexho. Sodexho is an international company in the same line of business and has excellent operations in Europe. This combination is supposed to creat $60 million in savings annually in three years time. And SMS will have a large amount of debt. Plus there will be a 1 for 4 reverse split of the SMS shares. I would appreciate it if some one else would get involved with this one too. This is my first analysis of this type so I know I will make mistakes and need all the help I can get. One further note. Greenblatt in his book used the Marriot spin-off in 1992 as a case study. So I am getting some hints from his work as to what to look for. He also used call options to create profits too. People please comment. Terry PS Midas (MDS) spun off from Whitman on 1/30 looks to me to be sell at near book value at $15 per share. Anyone else agree ... or disagree.

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