Title: Unlocking value in NCR through a corporate spin-off? A classroom case

Authors: Alison Fordyce; Renzo Cordina; David M. Power; Lindsay McCallum

Addresses: Accounting and Finance, School of Business, University of Dundee, 1-3 Perth Road, Dundee DD1 4HN, UK ' Accounting and Finance, School of Business, University of Dundee, 1-3 Perth Road, Dundee DD1 4HN, UK ' Accounting and Finance, School of Business, University of Dundee, 1-3 Perth Road, Dundee DD1 4HN, UK ' Accounting and Finance, School of Business, University of Dundee, 1-3 Perth Road, Dundee DD1 4HN, UK

Abstract: This case study, which can be used as a teaching resource in a classroom setting, explores the strategic decision by NCR Corporation to undertake a corporate spin-off in October 2023, resulting in the formation of two distinct entities: NCR Voyix and NCR Atleos. Using an event study methodology and an analysis of NCR documents and analyst reports, this paper examines investors' responses to key milestones in the spin-off process and the subsequent performance of the newly formed companies. The case integrates theoretical frameworks like the resource-based view and information-processing theory to analyse the strategic rationale for spin-offs, while also highlighting operational challenges associated with the spin-off, such as high debt burdens and internal control issues. This case serves as a resource for understanding corporate restructuring complexities in classroom discussions.

Keywords: corporate spin-off; NCR; motives for restructuring; financial performance.

DOI: 10.1504/IJTCS.2026.152374

International Journal of Teaching and Case Studies, 2026 Vol.16 No.1, pp.15 - 35

Received: 27 Jan 2025
Accepted: 02 Aug 2025
Published online: 17 Mar 2026 *

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