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"So far I haven't seen much spinoff value," he said.
Unknown until now, though, was the spinoff value of StumbleUpon.
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Invensys would try to employ a spinoff, valuing the division at $5 billion to $6 billion, as a way of increasing its stock price.
"We conclude that spinoffs create value primarily by providing an efficient method of transferring control of corporate assets to acquiring firms," the report says.
"We firmly believe the separation of Post Foods from Ralcorp by way of a tax-free spinoff will unlock significant value for our shareholders," William P. Stiritz, Ralcorp's chairman, said in a statement.
There is evidence that spinoffs create short-term value.
Between the second and third offers, Ralcorp had consummated a value-creating spinoff of its Post cereals division.
It appears that the price was adjusted for the spinoff; if so, the combined value of the two securities has stayed above the limit, although not by much.
I.S.S. points out that in rejecting the latest ConAgra offer, Ralcorp refused to discuss both the value of the spinoff and failed to mention consulting with financial and legal advisers in pursuing its plan.
Over all, Marriott International stock has roughly tripled since 1987, including the value of several spinoffs.
And they will come precisely as conglomerates across Europe are engaged in a frenzy of mergers, acquisitions and spinoffs aimed at bolstering shareholder value.
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