The Weekly Wrap-Up provides a list of upcoming spin-offs and summaries of recent publications. If you haven’t engaged with the research over the past seven days, the Weekly Wrap-Up will quickly update you on our newest and highest conviction ideas.
UPCOMING U.S. SPIN-OFFS AND EXPECTED COMPLETION DATES:
- FedEx (FDX) / FedEx Freight (FDXF) – June 1, 2026
- Honeywell International (HON) / Honeywell Aerospace (HONA) – June 29, 2026
- Middleby Corp. (MIDD) / Midera – 2Q 2026
- S&P Global Inc. (SPGI) / Mobility Division – Mid-2026
- McKesson Corporation (MCK) / Medical-Surgical Solutions – 2026
- Medtronic (MDT) / MiniMed – 2H 2026
- Resideo Technologies (REZI) / ADI Global Distribution – 2H 2026
- Keurig Dr Pepper Inc (KPG) / Coffee Business – 2H 2026
- Corteva (CTVA) / Seed Business – 2H 2026
- KBR, Inc. (KBR) / Mission Technology Solutions Business – 2H 2026
- Modine Manufacturing Company (MOD) / Performance Technologies – 4Q 2026
- Eaton Corporation (ETN) / Mobility Business – 1Q 2027
- Genuine Parts Company (GPC) / Industrial Parts Business – 1Q 2027
- Johnson & Johnson (JNJ) / Orthopedics Business – 2027
- International Paper (IP) / EMEA Business – 2027
- Flex Ltd. (FLEX) / Cloud & Infrastructure Business – 2027
- Madison Square Garden Sports Corp. (MSGS) / New York Knicks and New York Rangers – 2027
RECENT PUBLICATIONS:
COMPREHENSIVE REPORT: The Middleby Corporation (MIDD) – May 21, 2026
The Middleby Corporation (MIDD), a global foodservice provider of commercial cooking and industrial processing equipment, as well as residential appliances, announced, in February 2025, its intent to pursue the separation of its Food Processing business into a new, independent, publicly traded company, which will be called Midera Food Processing, via a tax-free spin-off on a one-for-one basis that is expected to be completed on July 6, 2026. Concurrent with the initial spin-off announcement, MIDD also added activist investor, Ed Garden, as well as Julie Bowerman to its 11-member Board of Directors. Subsequently, in December 2025, the company announced a deal to sell a 51% stake in its Residential Kitchen business, which includes brands such as Viking, AGA, and Rangemaster, to 26North Partners LP at an implied enterprise value of ~$885 million, which precipitated the receipt of ~$564.5 million in cash as well as a $135 million seller note that matures in 2033. To that end, MIDD’s non-controlling interest in the new entity, called Composition Brands, has, as of the end of 2025, been reported as a discounted operation and will, on a go-forward basis, be reflected as a “below the line item” dubbed minority interest.
In that context, the company currently reports two operating segments: 1) Commercial Foodservice, which provides a range of kitchen-related equipment to, among others, restaurants, convenience stores, supermarkets, hotels, stadiums and other institutions, such as universities & hospitals; and 2) Food Processing, which provides cooking, baking, frying and other processing/handling systems that support the production food products ranging from protein to baked goods, snacks and pet food.
On the indexation front, MIDD is currently a member of the S&P 500 MidCap 400 to that end, while there could be a degree of shareholder rotation post-spin we do not currently envision a material impact/dislocation (i.e., when SOLS came out of HON) in this particular case. For context, the current top 5 shareholders besides Garden Investments (whose ~7.5% stake is reported to have a cost basis of ~$150 per share), include T. Rowe Price (~16%), Vanguard (~10%), Blackrock (~9.5%), Ariel Investments (~3.5%) and Select Equity (~3.5%).
All told, on a pre-spin sum-of-the-parts basis, we value Middleby at ~$182.50 per share, comprised of ~$144 per share of value from RemainCo and ~$39 per share from SpinCo, based on a one-for-one distribution ratio. Given the implied upside to our fair values estimate (FVE) we recommend the pre-spin purchase of MIDD shares. Longer-term, while RemainCo will be focused on shareholder returns SpinCo could see a higher degree of re-rating if it can successfully execute on its M&A strategy.
ALERT: Madison Square Garden Sports Corp. (MSGS) – May 18, 2026
MSGS Confidentially Files a Form 10 Related to the Potential Separation of the Knicks & Rangers Sports Teams; Timeline for any Transaction Remains Unclear
Radar Screen – May 2026
Monthly publication providing ongoing analysis on companies where we see potential for a value-unlocking event
Companies discussed this month: Barrick Mining Corp. (B), Caesars Entertainment, Inc. (CZR), Coty Inc. (COTY), Goodyear Tire & Rubber, Inc. (GT), Johnson Controls International (JCI)*, Luxfer Holdings (LXFR), Madison Square Garden Sports Corp. (MSGS), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), Surgery Partners Inc. (SGRY), The Cooper Companies (COO), The Scotts Miracle-Gro Co. (SMG), Viasat Inc. (VSAT), Terex Corporation (TEX)
*added this month
Spin-Off Report Calendar – May 2026
Published monthly, The Spin-Off Calendar provides one-page summaries of every spin-off under coverage from the announcement date, followed by the filing of the Form 10 and continuing 60 days post completion.
Spin-Off Report Compendium – November 2025
Murray Stahl’s commentary on various investing themes and single stock recommendations.
European Spin-Off Compendium- April 2025
Murray Stahl’s commentary on various investing themes and single stock recommendations in Europe.
Bits & Pieces – May 2026
Covers mispriced stub securities, tracking stocks and other arbitrage opportunities.
Product Specialist
Rich Albanese
ralbanese@pcsresearchgroup.com
+1 646-839-5566