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- February 2021 (Revised April 2021)
- Case
Board Director Dilemmas—Back the SPAC?
By: Suraj Srinivasan, David G. Fubini and Amram Migdal
This case focuses on a board director of a diversified holding company. The firm’s longtime CEO had always exhibited a cautious, methodical approach to growth. Now, the CEO is raising the idea of joining with a special purpose acquisition company (SPAC) to spin off...
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- August 2020
- Case
PayPal: The Next Chapter
By: Michael Porter, Mark Kramer and Annelena Lobb
Can a social purpose and stakeholder capitalism confer a powerful competitive advantage in the age of COVID-19? For PayPal, the answer is yes. After spinning off from eBay in a 2015 IPO, the company declared its purpose as "democratizing financial services" by ensuring...
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- January 2020 (Revised July 2020)
- Case
Chemours (A)
By: David G. Fubini and David Lane
The July 2015 spin-off of DuPont’s performance chemicals division as the independent company Chemours burdened new CEO Mark Vergnano and his team with perilous challenges. Despite market-leading offerings in several areas, the company faced a glutted market for its...
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- September 2018 (Revised December 2019)
- Teaching Plan
Eastern Bank: Innovating Through Eastern Labs
By: Karen Mills, Dennis Campbell and Aaron Mukerjee
Eastern Bank is a 200-year-old New England mutual bank with a community focus. Eastern specializes in small business lending, having made strategic investments to become the top SBA lender in New England in the midst of the Great Recession, when other banks were...
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- March 2018
- Teaching Note
Project Titan at Northrop Grumman
By: C. Fritz Foley, Lauren G. Pickle, David Lane and F. Katelynn Boland
Teaching Note for HBS No. 215-001. In March of 2011, Northrop Grumman divested shipbuilding assets through the spin-off of Huntington Ingalls Industries. This case reviews many of the key questions faced by Northrop's CEO, CFO, and top management team during this...
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- January 2018
- Case
Blue Harbour's Activism at Babcock & Wilcox
By: Suraj Srinivasan and Quinn Pitcher
The case describes Blue Harbour Group's investment in Babcock & Wilcox and its transformation into BWX Technologies. In 2004, activist hedge fund Blue Harbour Group invested in Babcock & Wilcox, an energy and construction company. Blue Harbour developed an investment...
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- October 2017 (Revised April 2019)
- Case
Eastern Bank: Innovating Through Eastern Labs
By: Karen Mills, Dennis Campbell and Aaron Mukerjee
Eastern Bank is a 200-year-old New England mutual bank with a community focus. Eastern specializes in small business lending, having made strategic investments to become the top SBA lender in New England in the midst of the Great Recession, when other banks were...
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- August 2017 (Revised June 2018)
- Case
Enpara.com: Digital Bank at a Crossroad
By: Sunil Gupta and Eren Kuzucu
In March 2017, Elsa Pekmez Atan (MBA 2004), was wondering about the future of Enpara.com, a digital-only banking platform of QNB Finansbank. Since its launch in October 2012, Enpara had been successful in attracting over 600,000 customers by appealing to digital savvy,...
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- May 2017
- Case
Cambridge Franchise Partners
By: Richard Ruback and Royce Yudkoff
Two partners commence a rollup in the quick-service restaurant segment. They focus on operating improvements and spinning-off real estate.
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- April 2017 (Revised May 2017)
- Case
GE Capital After the Crisis
By: John C. Coates, John D. Dionne and David S. Scharfstein
Keith Sherin, CEO of GE Capital, faced a decision on which hinged billions of dollars and the fate of one of America’s most storied companies. On his desk sat two secret analyses: Project Beacon, a proposal to spin off most of GE Capital to GE shareholders, and...
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- January 2017
- Case
Danaher Corporation, 2007–2017
By: John R. Wells and Gabriel Ellsworth
On July 2, 2016, Danaher Corporation completed the spinoff of Fortive Corporation. The previous day, Danaher’s stock price had reached an all-time high. In 2015, Danaher had decided to split off its test and measurement, fuel and fleet management, and automation...
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Keywords:
Danaher;
Fortive;
Larry Culp;
Beckman Coulter;
Pall;
Life Sciences;
Diagnostics;
Environmental Operations;
Water Management;
Dental;
Testing;
Measurement;
Fuel;
Fleet Management;
Automation;
Toolmaking;
Tools;
Disease Management;
Continuous Improvement;
Toyota Production System;
Divestiture;
Spinoffs;
Spin-off;
Networks;
Acquisition;
Mergers and Acquisitions;
Business Conglomerates;
Business Divisions;
Business Subsidiaries;
Business Units;
Business Growth and Maturation;
Business Model;
For-Profit Firms;
Joint Ventures;
Restructuring;
Engineering;
Chemicals;
Construction;
Machinery and Machining;
Profit;
Revenue;
Globalized Firms and Management;
Multinational Firms and Management;
Health;
Health Care and Treatment;
Health Disorders;
Medical Specialties;
Business History;
Job Cuts and Outsourcing;
Business or Company Management;
Growth and Development Strategy;
Management Analysis, Tools, and Techniques;
Management Practices and Processes;
Management Succession;
Management Systems;
Resource Allocation;
Market Entry and Exit;
Measurement and Metrics;
Logistics;
Business Processes;
Organizational Change and Adaptation;
Public Ownership;
Problems and Challenges;
Science;
Genetics;
Natural Environment;
Wastes and Waste Processing;
Science-Based Business;
Opportunities;
Strategy;
Adaptation;
Business Strategy;
Competition;
Competitive Strategy;
Competitive Advantage;
Consolidation;
Corporate Strategy;
Diversification;
Expansion;
Technology;
Software;
Technology Networks;
Technology Platform;
Value;
Valuation;
Aerospace Industry;
Auto Industry;
Biotechnology Industry;
Chemical Industry;
Computer Industry;
Construction Industry;
Consumer Products Industry;
Distribution Industry;
Electronics Industry;
Food and Beverage Industry;
Health Industry;
Industrial Products Industry;
Information Technology Industry;
Manufacturing Industry;
Medical Devices and Supplies Industry;
Pharmaceutical Industry;
Retail Industry;
Rubber Industry;
Semiconductor Industry;
Shipping Industry;
Technology Industry;
Telecommunications Industry;
Utilities Industry;
United States;
District of Columbia
- August 2016 (Revised May 2017)
- Case
eBay vs. Carl Icahn, 2014
By: David B. Yoffie and Eric Baldwin
This case explores Carl Icahn's attack on eBay, starting in January 2014. The case examines how John Donahoe, CEO of eBay, should respond to Icahn's demand that eBay spin off PayPal and accept Icahn's two nominees to the board of directors.
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- August 2015 (Revised September 2015)
- Case
Shareholder Activists and Corporate Strategy
By: David Collis and Ashley Hartman
By 2015, there had been an upsurge in activist shareholders arguing for radical changes in companies' corporate strategies. Personalities like Carl Icahn, Bill Ackman, and Daniel Loeb were feared and loathed in some quarters, celebrated in others. With nearly $120...
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Keywords:
Scope;
Activist Investors;
Spin-offs;
Synergy;
Diversification;
Consolidation;
Hedge Fund;
Corporate Strategy
- May 2015 (Revised January 2017)
- Case
Bharti Infratel: Unlocking Value in Mobile Infrastructure
By: Ramon Casadesus-Masanell, Prashant Salwan, Tanya Bijlani and Rachna Tahilyani
Bharti Infratel, a telecom tower company, provides shared telecom infrastructure to mobile operators in India. It is a spin off from Bharti Airtel, India's largest leading mobile services operator. Bharti Infratel partnered with its rivals, Vodafone and Idea Cellular,...
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- February 2015 (Revised November 2015)
- Case
Building an Integrated Biopharma Company: Crucell (A)
By: Richard G. Hamermesh, Marianne Van Der Steen and Susan S. Harmeling
By 2009, Crucell had become the largest biopharma company in the Netherlands and a symbol of national pride. The case traces the evolution of the company from a University spin-off into a fully-integrated company. Crucell's success, particularly in the vaccine space,...
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Keywords:
Biotechnology;
Biopharmacy Company;
Licensing;
Licensing Agreements In Biopharmacy;
Human Cell-line Technology;
Vaccine;
Healthcare Innovation;
Global Health;
Partners and Partnerships;
Entrepreneurship;
Growth and Development Strategy;
Biotechnology Industry;
Pharmaceutical Industry;
Netherlands
- February 2015
- Case
Longbow Capital Partners
By: Malcolm Baker, Samuel G. Hanson and James Weber
Longbow Capital Partners is a value-oriented long/short hedge fund focused on stocks in the energy sector. In January 2011, Longbow had invested in NiSource, a Fortune 500 company that owns a diverse portfolio of regulated energy businesses. In late 2014, Longbow was...
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- January 2015 (Revised September 2017)
- Case
Project Titan at Northrop Grumman
By: C. Fritz Foley and Kevin Sharer
In March of 2011, Northrop Grumman divested shipbuilding assets through the spin-off of Huntington Ingalls Industries. This case reviews many of the key questions faced by Northrop's CEO, CFO, and top management team during this process, including questions concerning...
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- October 2014
- Article
Do Analysts Add Value When They Most Can? Evidence from Corporate Spinoffs
By: Emilie Feldman, Stuart C. Gilson and Belen Villalonga
This paper investigates how securities analysts help investors understand the value of diversification. By studying the research that analysts produce about companies that have announced corporate spinoffs, we gain unique insights into how analysts portray diversified...
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- March 2014
- Supplement
School of One: Reimagining How Students Learn (B)
By: John J-H Kim and Christine S. An
This supplements the "A" case. Joel Rose and Chris Rush decide to spin-off from School of One to found New Classrooms Innovation Partners. Rose and Rush navigate the strategic complexities of the spin-off process to make their mission-driven product a reality. The case...
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- November 2012
- Teaching Note
Brink's Company: Activists Push for a Spin-off (TN)
By: Suraj Srinivasan
The case this Teaching Note addresses studies the decision of the security services company Brink's Corporation to spin off its home security division from the rest of the company. The decision followed intense pressure on the company by three activist hedge funds that...
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