Shareholders of Dover Corp. as of April 30, 2018 shall, effective May 9, 2018, receive 1 share of Apergy stock (APY) for every 2 shares of Dover stock (DOV) that they own pursuant to a tax-free spinoff that was announced in February.
Dover is an industrial powerhouse. Apergy is an upstream oil sector equipment manufacturer. Before we discuss the specifics of this transaction, let us take a brisk walk through the history books of corporate America first.
The book “Private Empire” tells the tale of Exxon’s rise in developing countries around the world throughout the 20th century. Exxon, which was the successor to John Rockefeller’s prized Standard Oil of New Jersey spinoff after the United States Supreme Court broke up the colossal Standard Oil, inherited the best managerial talent after the spinoff. When reading about how Exxon’s management team systematically rebuilt Exxon into a juggernaut all over again, I kept … Read the rest of this article!