MDU RESOURCES GROUP INC MDU → Everus Construction Group, Inc. ECG
| Parent | MDU RESOURCES GROUP INC MDU |
|---|---|
| Spinco | Everus Construction Group, Inc. ECG |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 Everus share for every 4 MDU Resources shares |
| Checked against EDGAR | 2026-08-22 |
Data trap
The completion filing is not among the 8-Ks that follow the final Form 10 amendment — it was filed through a different agent under an unrelated accession prefix, and it is the only document that states the 11:59 p.m. effective time. Anyone walking the filing list in order and stopping at the last pre-distribution 8-K misses it entirely.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2023-11-02Separation announced
- 2024-09-12Form 10 filed
- 2024-10-09Form 10 last amended
- 2024-10-17Form 10 effective
- 2024-10-21Record date
- 2024-10-28When-issued trading opens
- 2024-10-31Distribution
- 2024-11-06First standalone earnings
- —Index inclusion announced
Performance since separation
| Everus Construction Group, Inc. since separation | +139.97% |
|---|---|
| MDU RESOURCES GROUP INC over the same window | +24.92% |
| S&P 500 (SPY) over the same window | +34.66% |
| Russell 2000 (IWM) over the same window | +37.75% |
| Excess over the S&P 500 | +105.31% |
| Excess over the Russell 2000 | +102.22% |
Measured from the first regular-way close on or after the distribution — 2024-11-01 at 52.49 — to 2026-08-21 at 125.96. Window: 1.8 years. The 2024-10-31 session was skipped: it traded on when-issued volume, not regular-way, and pricing from it would measure the return against a market that no longer existed the next day. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | +53.94% |
|---|---|
| Combined (MDU RESOURCES GROUP INC + Everus Construction Group, Inc.), pre-distribution to now | +221.30% |
| Combined excess over the S&P 500 | +189.28% |
| Combined excess over the Russell 2000 | +185.84% |
Combined treats a pre-spin holding as 1 Everus share for every 4 MDU Resources shares valued at the parent's last close before regular post-spin trading resumed — 2024-10-30 at 16.01 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 8-Kfiled 2024-10-02 · 0000067716-24-000092Board approves the spinoff and declares the distribution
- 10-12B/Afiled 2024-10-09 · 0001628280-24-042608Final amendment; unusually its information statement already carries the real record and distribution dates
- 8-Kfiled 2024-10-18 · 0001628280-24-043080Definitive information statement dated October 18, 2024
- 8-Kfiled 2024-11-01 · 0001140361-24-044886Completion: distribution effective 11:59 p.m. Eastern on October 31, 2024
- 10-Qfiled 2024-11-21 · 0002015845-24-000022First periodic report; 50,972,059 shares issued and outstanding
Notes
MDU Resources' separation of its construction services business, the second spin-off from that parent in this dataset after Knife River the previous year. The distribution took effect after the close, so regular-way trading began the following session. Left unclassified: the parent's mining and quarrying code no longer describes it after two separations, so the code comparison carries no information. Classified focus_increasing: the Form 10 frames MDU Resources as completing its transformation into 'a pure-play regulated energy delivery business' by shedding Everus, a specialty electrical/mechanical and transmission/distribution contractor — a genuinely different business (10th-largest US specialty contractor per ENR) with 2023 revenue of $2.85 billion. Everus borrowed roughly $340 million at separation, using most of it to repay $200 million of related-party debt to MDU and paying MDU an $88 million cash distribution.