Specialty chemical company Ashland Inc. (NYSE:ASH) will sell its Ashland Water Technologies to a fund managed by Clayton, Dubilier & Rice in a transaction valued at approximately $1.8 billion.
Ashland’s move anticipated by activist hedge fund
The move was anticipated by activist hedge fund Jana in their 4th quarter investor letter. The December 2013 Jana letter noted Ashland Inc. (NYSE:ASH) had announced Stephen Kirk joined the board of directors, a candidate that JANA introduced to Ashland. In the same breath the December letter noted that Ashland management indicated to Jana the sale of the water division was on track for the first quarter of 2014, which was announced today.
“This divestiture allows...
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