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Spin off the most profitable part of your business? That just doesn't seem sensible.
I would recommend reading 'Who Says Elephants Can't Dance' by Lou Gerstner. It's his account [as new CEO] of the turnaround of IBM in the early-mid nineties. Analysts and IT press people were telling him that IBM should spin-off this and that. He paid no attention to that. If I remember correctly he said that the only people that ever benefit from spin-offs and mergers are the investment bankers and analysts. So why would he listen to them.
He helped IBM; maybe he could do it for HP.