Lots of legendary investors follow spin-offs.  Attached is a whopping 400 page research piece from Spin-Off Research, a research boutique focused on corporate spin-offs.  It has been published since 1997, and subs are $24k aimed at the institutional set.  A few books that focus on spin-offs:

You Can Be a Stock Market Genius

The Manual of Ideas: The Proven Framework for Finding the Best Value Investments

Spinoff to Payoff: An Analysis Guide to Investing in Corporate Divestitures

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Spin Off Research Volume XVII