Ashland Said to Explore Sale After Getting Takeover Interest

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessAshland Said to Explore Sale After Getting Takeover InterestChemical maker Ashland Inc., which reached a settlement last month with an activist investor, is exploring a potential sale after receiving takeover interest, according to people familiar with the matter.Author of the article:Ryan Gould, Liana Baker, Kiel Porter and Mengqi Sun You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Chemical maker Ashland Inc., which reached a settlement last month with an activist investor, is exploring a potential sale after receiving takeover interest, according to people familiar with the matter.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountAshland is working with Citigroup Inc. and Lazard Inc. as it engages with both strategic and financial suitors, said the people, who asked not to be identified because the information isn’t public.Private equity firms including Advent, Apollo Global Management Inc. and Carlyle Group Inc. are among those that have had contact with the maker of additives and specialty ingredients used in pharmaceuticals, construction and personal care, some of the people said. Standard Industries Inc., which through its investment platform Standard Investments LLC is among Ashland’s biggest shareholders, is also interested, they added.Ashland’s deliberations are ongoing and there’s no certainty they’ll lead to a transaction, the people said. Representatives for Ashland and Standard Industries didn’t immediately respond to requests for comment. Advent, Apollo, Carlyle, Citigroup and Lazard declined to comment.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againShares of Wilmington, Delaware-based Ashland, which jumped as much as 8% Friday, closed up 5.5% to $76.45 in New York trading, giving the company a market value of $3.5 billion. The stock has now gained 30% this year.Through the settlement with activist Ancora Holdings Group, Ashland agreed to add two directors to its board and said it would create a capital allocation committee that will extend until the company’s 2028 annual meeting. Cruiser Capital Advisors, another activist investor that also holds a position in Ashland, supported the board nominees Allen Spizzo and Peter Thomas.That settlement came less than two months after Ancora said it had built a stake in Ashland and was pushing the company to sell itself. Ancora Alternatives, the activist investing arm of Ancora that’s led by Jim Chadwick, said at a conference in June that a sale could boost Ashland’s share price by at least 30%.Specialty chemical companies like Ashland have become a hotter commodity in recent years as investors seek to tap in to plays that feed into markets including energy, power, semiconductors and artificial intelligence. Solstice Advanced Materials Inc., the chemicals business that was spun off from Honeywell International Inc., agreed in July to acquire Element Solutions Inc. for $14.5 billion in cash and stock. Fort Lauderdale, Florida-based Element makes chemicals used in semiconductor packaging materials.(Updates with share gain in fifth paragraph.)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.