RE:RE:Strategic Review My view is that these "spin-off" businesses usually start with the intention to close a valuation multiple gap. The M&A guys sell it hard, the accountants and lawyers generate fees and go along for the ride... and then one day about a decade later someone with a brain wakes up and concludes it's a bunch of nonsense and the SpinCo is reaquired and returns to its rightful home.
Transalta is a great recent example.
The strategic asset review is only valuable if it is comprehensive in nature. There are probably 2 to 4 separate transaction to be done as there is rarely a silver bullet.