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$4.5 billion valuation sparks capital pursuit! Ashland officially launches comprehensive sale evaluation

Plastmatch Global Digest 2026-08-12 14:24:02

According to people familiar with the matter cited by Bloomberg, specialty chemicals company Ashland is evaluating the possibility of a full sale.

According to reports, Ashland has hired Citigroup and Lazard Inc as financial advisors to simultaneously engage with both strategic industrial investors and financial buyers. Major shareholders, including Standard Industries, private equity firm Advent, Apollo Global Management, and Carlyle Group, have all proactively made contact and expressed acquisition intentions.

早在今年 6 月，激进投资方Ancora控股集团就公开敦促亚什兰全盘出售。该机构表示：“公司股价长期存在大幅估值折价，叠加短期业绩落地与战略执行存在短板，整体出售是释放亚什兰内在价值的最优路径。”

Ancora 测算，若完成出售，亚什兰每股交易价格可达 76 美元，对应企业整体估值约 45 亿美元。受出售传闻提振，亚什兰本周股价累计上涨 3.6%，8 月 11 日开盘报 75.50 美元，今年以来该股涨幅已达 25%。

In July, Ashland reached a settlement agreement with Ancora: it agreed to add two independent directors—Peter Thomas and Allen Spizzo—to the board. At the same time, a Long-Term Capital Allocation Committee was established, with its term extending until the company's 2028 annual shareholders’ meeting. Due to the addition of new directors, the number of board seats has been temporarily increased to 11, and will be reduced back to 10 after the next annual shareholders’ meeting.

Peter Thomas served as the Chairman, President, and CEO of Ferro Corp; Alan Spizzo served as Vice President and Chief Financial Officer of Hercules Inc.

Ashland announced that the newly established Capital Allocation Advisory Committee will provide analytical support and decision-making recommendations to the board of directors regarding the company's capital allocation strategy and medium- to long-term strategic planning. The committee will be chaired by current board member Scott Tosier, with members including directors Bertrand Louart, Susan Main, and two newly appointed independent directors, Thomas and Spizzo; Ashland's Chairman and CEO Guillermo Novo will participate in the committee's work as a non-voting member.

On July 28, Ashland reported its second-quarter results for the period ended June 30: quarterly net income was $16 million, compared with a loss of $742 million in the same period last year due to one-time charges; sales for the quarter rose 7% year over year to $497 million, while overall volumes across business segments increased 6% from a year earlier.

According to S&P Capital IQ statistics, the company's adjusted earnings per share were $1.02, a slight decline of 1.9% year-over-year, but exceeded analysts' consensus expectations by 4.08%.

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$4.5 billion valuation sparks capital pursuit! Ashland officially launches comprehensive sale evaluation

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