| HBS Case Collection
A large diversified steel and energy firm is pressured by a corporate raider to spin off its steel business in order to increase its stock price. As an alternative to the spinoff, management proposes replacing the company's common stock with two new classes of "targeted" stock that would represent separate claims against each business segment's cash flows, allowing the stock market to value each business separately (and more accurately).
Gilson, Stuart C., and Jeremy Cott. "USX Corporation." Harvard Business School Case 296-050, February 1996.