As I understand it: Clark feels Why waste time and effort with mergers? The companies are functioning well on their own, he is just adding additional pieces as we progress.
No extra paperwork, no culling out employees which is devestating to moral, team that is used to working together continues to do that.
And if something too beneficial to be true comes along, the particular company is free to spin off.
Now, that being said: Clark was explicit that he has no plans to spin off any and certainly not in the near future. But it is just smart business to keep as many options open as possible.
If anyone knows better info than this ... Please feel free to correct this!