Ancora Builds Ashland Stake and Pushes for Company Sale
Activist investor Ancora Alternatives has acquired a significant stake in Ashland and is urging the specialty chemicals firm to explore a sale. The hedge fund suggests a transaction could increase the share price by 30% and is prepared to launch a proxy fight if progress is not made by September.
Insights:
Ancora Alternatives built a stake in Ashland Inc. to push for a sale it claims could boost the share price 30% to at least $76. Shares rose 6% to $61.12 Tuesday afternoon following the presentation. A deal would address a 50% stock decline since December 2022 and resolve ongoing growth and execution issues.
