Activist Cruiser Pushes Ashland to Sell, Adding to Investor Pressure
ASH sits 39% above its 52-week low of $46.295.
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.