Based on the valuation of comparable public companies and prices paid in precedent transactions , as set forth in an analysis included with the letter , MMI estimates that a tax-free spin-off could potentially yield an increase of 40-75 % per share from Chemed 's February 11th closing price . Speaking on behalf of MMI , Clay Lifflander explained that despite public statements by Chemed 's management arguing against a spin-off , it has presented no compelling reason for its view , and that Chemed 's current structure is denying shareholders the ability to recognize maximum value for their investment . Mr. Lifflander called on the Board to provide its view regarding a spin-off to shareholders as soon as possible .