One of the reasons for Luxor and Pennant to increase their positions is the impending split of Manitowoc Company Inc (NYSE:MTW) into two businesses, which should bring more value to shareholders. Activist investors Carl Icahn and Ralph Whitworth of Relational Investors had been pushing for the split for months until January, when the company announced the spin-off of the Foodservices segment and reached an agreement with Icahn, under the terms of which Manitowoc committed to some corporate governance provisions for the Foodservice division and appointed Icahn's representative to the board. The tax free spin-off is expected to be completed by the end of the first quarter of 2016.