Event Detail
October Special Situations (Members Only, Limited Space) (Ended)
Topic: Unlocking Value with Spin-Offs
Date, Time, and Location:
Monday, October 24, 2016 (add this event to your Outlook Calendar)
5:30 pm - 7:00 pm
190 S. LaSalle Street,
Chicago,
IL
60603
(Driving Directions)
Program Description:
Special situations are corporate actions which could reveal an undervalued security and hence an investment opportunity. Some examples of Special Situations are spinoffs, liquidations, tender offers, restructurings, bankruptcy exits etc. In the Special Situations Research Forum we will discuss an investment situation decided 3 weeks in advance. Every participant in the Forum is expected to research the topic before attending the meeting.
Unlocking Value with Spin-Offs:
Guest Speaker: Joseph W. Cornell, CFA
Specific Investment Situation: R R Donnelley (RRD) Spin-Off of Donnelley Financial Solutions (DFIN) and LSC Communications (LKSD)
RR Donnelley & Sons (NYSE: RRD-$23.81, market capitalization of $1.7 billion), the owner of the Edgar financial-statement wire service, split into three publicly traded companies after acquisitions led to separate strategies for its main business. The largest of the new companies (the parent) will comprise RR Donnelley’s corporate-communications operation. The book and periodical-publishing division (spin-off #1) will be called LSC Communications (NYSE: LKSD-$28.61, market cap $900 million). Edgar Online, Bowne Financial and financial-printing operations formed the second spin-off and is named Donnelley Financial Solutions (NYSE: DFIN-$22.97, market cap $745 million). RR Donnelley completed the tax-free distribution of 80.75% of both LSC Communications and Donnelley Financial on October 1, 2016. RR Donnelley retained 19.75% of both spin-offs that will be disposed within 12 months.
Please see this link to the October 2016 issue of Spin-off Research, which has more details about this situation amongst other Spin-offs.

Attendance will be limited to 25 members - first-come, first-served.
Facilitator:
Vishal Mishra; Mishra Capital Partners LLC
Nick Redmond; Oculus Asset Management
Fee:
Members - Free
Attire: Business Casual
Registration: Limited to 25 members
Online Only
A dial-in option will be available. Phone number and passcode will be distributed the day prior to discussion.
Agenda:
5:30pm - 7:00pm - Discussion
Content shared during CFA Society Chicago programs is not, and nothing in it should be construed as, an offer, invitation or recommendation of any specific financial services company or professional, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, any securities in any jurisdiction. By registering for and attending this event, you acknowledge that any photographs that may be taken are the property of CFA Society Chicago and give your consent to their use in CFA Society Chicago's online and print business communications and marketing.