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Breakup Spinoff
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11
The slide uses a simple hub-and-spoke style diagram to show the corporate restructuring.Solvay SA (SOLB BB) · David Einhorn
Conference presentation Activist investor Beat · Problem2 hits
11
This is a classic activist investor 'breakup' thesis slide.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
231
The slide uses a comparison frame to contrast the 'Core Darden' brands (Olive Garden, LongHorn) with the 'SRG' brands (Capital Grille, Eddie V's, Yard House, Seasons 52, Bahama Breeze).Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
235
The slide contrasts a theoretical 6-month timeline with a recommended 12-18 month conservative approach.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
271
The slide uses a callout box at the bottom to summarize the core thesis.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
272
Darden Restaurants, Inc. (DRI)Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
278
Includes a specific URL reference to a 'Real Estate Primer' and conservative assumptions regarding ground leases.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
280
Includes a synthetic rating calculation table and a footnote regarding S&P equivalence.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
282
This slide details the mechanics of a proposed corporate restructuring (spinoff) as part of an activist campaign.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
283
Includes a synthetic credit rating model based on Moody's criteria.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
85
The slide illustrates the 'platform strategy' model where parent AI companies spin off specific drug assets into independent entities.2020 Air Street Capital The State of AI Report 2020 · Air Street Capital
Consulting deck VC research Beat · The Facts (What)Loop · Pattern Hunter1 hit
83
The slide uses circles to group potential divestiture candidates for Google, Facebook, Amazon, and Apple.2020 Benedict Evans 2020 January Shoulders of Giants · Benedict Evans
Consulting deck Independent analyst Loop · Mece Breakdown1 hit
09
The slide uses a process flow to illustrate a corporate spin-out.Fortrea Holdings Inc. (FTRE) · Starboard Value
Conference presentation Activist investor Beat · Problem (Identify pain)1 hit
33
The slide uses a binary classification (Taxable vs Tax-Free) to categorize strategic alternatives.Fluor Corporation (FLR) · Starboard Value
Conference presentation Activist investor Beat · Solution & Approach1 hit
60
Uses a pro forma valuation bridge to demonstrate the impact of a divestiture on the remaining company's trading multiple.Multiple (BILL Holdings, Tripadvisor, Fluor Corporation) · Starboard Value
Conference presentation Activist investor Beat · Evidence & ProofLoop · The Reveal1 hit
112
Uses a structural diagram to categorize financial separation alternatives.Multiple (BILL Holdings, Tripadvisor, Fluor Corporation) · Starboard Value
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
10
The slide uses a split-view comparison table to contrast the two business units post-spin-off.2025 Investor Day · Aptiv
Consulting deck Strategy consulting Beat · Problem & ComplicationLoop · Pivot1 hit
39
The slide uses a case study to support the recommendation of evaluating whether to integrate or spin off innovations.Breakthrough Brigade Innovation Growth · PA Consulting
Consulting deck Strategy consulting Beat · Solution & Approach1 hit
03
This is the final page of a shareholder letter from Elliott Management to Marathon Petroleum.Marathon Petroleum Corporation (MPC) · Quentin Koffey
Shareholder letter Activist investor Beat · SolutionLoop · Cost Of Inaction1 hit
04
The slide uses a clear 'problem-solution' structure, identifying the cost of undervaluation and proposing specific tactical actions.Marathon Petroleum Corporation (MPC) · Elliott Management
Activist deck Activist investor 1 hit
13
Includes a diagram showing the parent-subsidiary structure before and after the dropdown, alongside detailed pro forma financial tables.Marathon Petroleum Corporation (MPC) · Elliott Management
Activist deck Activist investor Beat · Agitation1 hit
25
Includes detailed footnotes regarding EBITDA estimates, multiples, and tax assumptions.Marathon Petroleum Corporation (MPC) · Elliott Management
Activist deck Activist investor Beat · SolutionLoop · Aha Moment1 hit
45
Includes a comparative table of refinery utilization and EBITDA per barrel, plus a case study of the Valero/CST spin-off.Marathon Petroleum Corporation (MPC) · Elliott Management
Activist deck Activist investor Beat · Solution1 hit
05
Uses a process flow diagram to show corporate restructuring.GCP Applied Technologies (GCP) · Starboard Value
Activist deck Activist investor Beat · Problem Identification1 hit
06
Bristol-Myers Squibb Company (BMY)Bristol-Myers Squibb Company (BMY) · Starboard Value
Activist deck Activist investor 1 hit
05
This is a classic activist 'villain' framing where management is accused of acting in their own interest rather than for shareholders.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor Beat · Problem Statement1 hit
08
The slide uses a 'rule of three' rhetorical device in the subtitle and emphasizes the urgency of shareholder intervention.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
12
The slide uses a break-even analysis to argue that a spin-off is value-destructive unless the remaining Darden entity sees significant multiple expansion.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
27
The slide uses strong, emotive language ('wrong spin-off', 'value destructive', 'irreversible') to frame the management's proposal as a threat to shareholder value.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
47
The slide uses a 'break-even' analysis to argue that the remaining Darden entity would need to trade at a higher multiple to offset the discount applied to the spun-off Red Lobster.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor Beat · Propose Solution1 hit
50
Uses a simple additive equation to illustrate the 'rent subsidy' concept.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor Beat · Propose Solution1 hit
57
Includes a visual poll result graphic showing 84.17% 'NO' vote.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor Beat · Propose Solution1 hit
77
Uses a diagram to illustrate two potential corporate restructuring scenarios (Structure A and B) to bypass covenants.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor Beat · Propose Solution1 hit
102
The slide uses strong, emotive language ('wrong spin-off', 'value destructive', 'question whether its interests are aligned') typical of activist investor presentations.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor Beat · Propose Solution1 hit
06
The slide outlines a multi-pronged turnaround strategy involving operational improvements, real estate optimization, portfolio restructuring, and franchising.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor Beat · Solution & ApproachLoop · Cost Of Inaction1 hit
30
The slide uses a line chart to demonstrate the valuation gap between PSX and midstream peers, supported by a testimonial from Sigmund Cornelius.Phillips 66 (PSX) · 02_Elliott_Management
Activist deck Activist investor Beat · Agitate (Make it worse)Loop · Iceberg1 hit
73
Uses a pipeline valve metaphor to represent 'untapped' value.Phillips 66 (PSX) · 02_Elliott_Management
Activist deck Activist investor Beat · Solution (Provide relief)1 hit
03
The slide uses a social media post format to present a critique of corporate strategy.Phillips 66 (PSX) · 02_Elliott_Management
Regulatory filing Activist investor Beat · EvidenceLoop · Benchmark Gap1 hit
07
This is a screenshot of a social media post (Twitter/X) from the 'Streamline 66' campaign.Phillips 66 (PSX) · 02_Elliott_Management
Regulatory filing Activist investor Beat · Agitate (Make it worse)1 hit
61
The slide illustrates a corporate spin-off history using a timeline and business unit mapping.Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE) · Starboard Value
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
61
The slide illustrates a corporate spin-off event using a timeline and logo progression.GoDaddy Inc. (GDDY) · Starboard Value
Conference presentation Activist investor Loop · Quick Win Big Bet1 hit
17
The slide uses a combination of a bar chart showing P/E differentials by segment count and two waterfall-style charts showing pre- and post-spin valuation multiples.Keynote address · J.P. Morgan
Consulting deck Equity research Beat · Outlook1 hit
18
The slide uses a 'before/after' visual convention to show corporate separations.Keynote address · J.P. Morgan
Consulting deck Equity research Beat · Outlook1 hit
23
The slide uses a 'before-after' or 'swap' logic to illustrate portfolio restructuring.Nestlé S.A. (NESN) · Third Point
Activist deck Activist investor Beat · Solution (Provide relief)Loop · Mece Breakdown1 hit
25
The slide uses a comparative valuation chart and an EPS accretion impact chart to justify a divestment strategy.Nestlé S.A. (NESN) · Third Point
Activist deck Activist investor Beat · Solution (Provide relief)1 hit
61
The slide illustrates a corporate spin-off history using a timeline and business unit mapping.GoDaddy, News Corp, Fortrea · Starboard Value
Conference presentation Activist investor 1 hit
16
The slide outlines a strategic preference for spin-offs over other corporate restructuring methods.Sony Corporation (6758.T) · Third Point
Activist deck Activist investor Beat · Agitate (Make it worse)1 hit
17
This slide outlines the core activist thesis for Third Point's campaign against Sony.Sony Corporation (6758.T) · Third Point
Activist deck Activist investor Beat · Agitate (Make it worse)1 hit
18
The slide uses a hub-and-spoke diagram to illustrate a corporate breakup/spinoff strategy.Sony Corporation (6758.T) · Third Point
Activist deck Activist investor Beat · Agitate (Make it worse)1 hit
20
Sony Corporation (6758.T)Sony Corporation (6758.T) · Third Point
Activist deck Activist investor Beat · Agitate (Make it worse)1 hit
22
This slide uses a classic 'conglomerate discount' argument structure.Sony Corporation (6758.T) · Third Point
Activist deck Activist investor Beat · Solution (Provide relief)Loop · Before After1 hit
07
The slide uses a numbered list to build a logical case for a specific corporate action (real estate separation).Macy's Inc. (M) · Starboard Value
Activist deck Activist investor Beat · Problem & ComplicationLoop · Logic Chain1 hit
08
This is a text-heavy page from an activist investor letter (Starboard Value) outlining specific strategic recommendations for AECOM.AECOM (ACM) · Peter A. Feld
Shareholder letter Activist investor 1 hit
14
Uses a puzzle-piece visual to represent the conglomerate structure being broken apart.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · The MonsterLoop · Aha Moment1 hit
29
The slide uses a quote from Sigmund Cornelius to validate the thesis of splitting the company to unlock value.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · The Struggle1 hit
31
The slide uses analyst quotes to frame the 'conglomerate discount' problem.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · The Struggle1 hit
70
Includes a testimonial/quote from the nominee regarding his past experience with spin-offs.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · The VictoryLoop · Golden Circle1 hit
73
Phillips 66 (PSX)Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · The VictoryLoop · Golden Circle1 hit
124
The slide uses direct investor feedback to build a case for divestment.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 1 hit
64
The slide uses a list of case studies to support the thesis of corporate spin-offs.The overall positive sentiment was also reflected in the supplier valuation levels that still trade above their long-term average · Roland Berger
Consulting deck Strategy consulting Beat · Impact & Next StepsLoop · Quick Win Big Bet1 hit