Activist Cruiser Pushes Ashland to Sell, Adding to Investor Pressure
Summary
Activist investor Cruiser is reportedly pushing chemicals maker Ashland to sell the company. This news follows Ashland's recent weak Q2 earnings and lowered full-year guidance. It also comes amidst increasing pressure from other activist investors, including Standard Investments LLC, which has rapidly built an almost 9% stake, and Ancora Holdings Group, which publicly called for a strategic alternatives review earlier this month. This new activist push intensifies the pressure on management to consider a sale or other significant strategic actions.
At the time of this announcement, ASH was trading at $64.50 on NYSE in the Manufacturing sector, with a market capitalization of approximately $2.9B. The 52-week trading range was $46.30 to $67.20. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Reuters.