When a stock splits the price goes down by the inverse of split ratio. I.E. a 2:1 split drops the price down by half. When the X-date for a dividend is reached the stock goes down by the amount of the dividend. Both are automatic except for orders that have a DNR option.
Using that as a guideline:
It will go down by the change in the value of the company divided by the number of shares. That will be at least $12--the asset that's being transferred to the new company to pay the dividend. I take it that when the new company formally announces the dividend, it will go down $12. There is no free money. Initially, there should be a zero net gain. Any change from that will be a result of speculation.