A Hewlett-Packard Spinoff Is Preparing to Split Again - The New York Times

Compaq and DEC spin-out/IPO timing still tbd...

"The complex maneuver, known in deal-making circles as a reverse Morris Trust, means that shareholders in both HP Enterprise and Computer Sciences will not have to pay taxes on the merger.

Tuesday’s deal essentially undoes HP’s nearly $13 billion takeover of Electronic Data Systems, the outsourcing business founded by H. Ross Perot.

Shares of HP Enterprise rose nearly 11 percent in after-hours trading, to $18, while Computer Sciences shares climbed almost 24 percent, to $44.05."

A Hewlett-Packard Spinoff Is Preparing to Split Again - The New York Times