Roughly a month after Owl Creek Asset Management sent a letter to the board suggesting a spin-off, Brunswick announced that it would pursue a tax-free distribution of the fitness business that is expected to be completed in Q1 of 2019. The plan would split BC into two publicly traded companies with the Marine and Boat segments under the Brunswick name retaining about $3.48 billion in revenue and generating about 80% of the parent company’s EBITDA and the Fitness segment, yet to be named, that would have sales of $1.10 billion and the remaining cash flow.

It’s clear that the fitness business ... Log in to view full article.