
Believes Ashland&#39;s High-Margin, Strategically Scarce Assets Are Being Undervalued by the Public Markets in the Face of Near-Term Growth and Execution Issues


Urges Ashland&#39;s Board to Conduct a Full Review of Strategic

<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Believes Ashland's High-Margin, Strategically Scarce Assets Are Being Undervalued by the Public Markets in the Face of Near-Term Growth and Execution Issues</i>

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Urges Ashland's Board to Conduct a Full Review of Strategic Alternatives, Including Evaluating Sale Options Following Apparent Interest from Standard Industries as Well as Other Strategic and Private Equity Buyers</i>

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Releases Presentation Outlining How a Sale Could Yield ~$76 Per Share or More, Representing a More Than 33% Premium and Likely the Best Risk-Adjusted Path Forward</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Ancora Holdings Group, LLC (collectively with its affiliates, "Ancora") today released a presentation (available <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fancora.s3.us-west-1.amazonaws.com%2FA%2BSpecialty%2BCatalyst.pdf&amp;esheet=54550446&amp;newsitemid=20260609836160&amp;lan=en-US&amp;anchor=here&amp;index=1&amp;md5=e30c272cd0d303c7e2d25822f39eb8e2" shape="rect"><b xmlns="http://www.w3.org/1999/xhtml">here</b></a>) detailing what it believes is a near-term opportunity to realize the intrinsic value of Ashland Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ASH">ASH</a>) ("Ashland" or the "Company") through a sale of the Company. Ancora plans to engage in a constructive and open dialogue with Ashland to gauge the Board of Directors' willingness to evaluate the Company's standalone prospects versus a potentially value-maximizing sale to one of the many logical strategic or private equity acquirers in the space.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Highlights of the <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fancora.s3.us-west-1.amazonaws.com%2FA%2BSpecialty%2BCatalyst.pdf&amp;esheet=54550446&amp;newsitemid=20260609836160&amp;lan=en-US&amp;anchor=presentation&amp;index=2&amp;md5=a072b013c6f3af9e022fa5b25f5085c0" shape="rect">presentation</a> include:

</p><ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Significant Mismatch Between Business Quality &amp; Current Valuation: </b>Ashland has the ultimate scarcity value of an established platform with diversified end market exposure, high-margin assets, long qualification cycles and high switching costs. The Life Sciences and Personal Care segments are Ashland's crown jewels, representing ~75%-80% of the Company's total EBITDA and generating stable EBITDA margins in the high-20s. These are differentiated, hard-to-displace ingredient businesses in resilient consumer end markets where Ashland holds both technology leadership and market share, providing the Company with deep customer relationships and product stickiness. Despite these fundamental strengths, the public markets continue to value Ashland at a conglomerate discount – the Company currently trades at ~9.6x EV/EBITDA, substantially below its historical median of ~11.0x and the ~13.8x median of comparable precedent transactions.

</li>
</ul><ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Existing Strategic Pressure:</b> Chief Executive Officer Guillermo Novo transformed the business into a pure-play specialty chemical company during the first three years of his tenure via the sale of non-core assets, targeted cost rationalization efforts, deleveraging and share repurchases. However, the Company then pivoted to an investment-led organic growth strategy that has failed to deliver any volume benefits over the past three and a half years. Execution has deteriorated seemingly every quarter as Ashland has missed consensus estimates in four of the last five quarters. In the 24 hours following the disclosure of Ashland's disappointing 2Q26 earnings, the Company's share price fell by nearly 15%, demonstrating that investors have little confidence in Ashland's standalone path forward.<sup xmlns="http://www.w3.org/1999/xhtml">1</sup>

</li>
</ul><ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Clear Path to a Competitive Sale Process: </b>Standard Industries' investment arm already owns ~9.9% of the Company and has a history of accumulating small stakes before subsequently taking companies private, including <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fstandardindustries.com%2Farticles%2Fpress-releases%2Fstandard-industries-holdings-to-acquire-grace&amp;esheet=54550446&amp;newsitemid=20260609836160&amp;lan=en-US&amp;anchor=W.R.+Grace&amp;index=3&amp;md5=069f1115182acc9f00dde74b0c0589ac" shape="rect">W.R. Grace</a> in 2021. Ancora's due diligence indicates there is also currently meaningful interest in Ashland from other potential strategic acquirers and sponsors, which could set the stage for a competitive process.

</li>
</ul><ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Potential for a Value-Maximizing Outcome: </b>We estimate a take-out of Ashland could be executed at a base case 11.5x multiple, representing at least $76.47 per share or a 33.1% premium to the current share price.<sup xmlns="http://www.w3.org/1999/xhtml">2</sup> Our sum-of-the-parts valuation of $81.39 per share (41.6% upside) corroborates the take-out base case and provides an independent anchor for Ashland being fairly valued at above $80 during a competitive process.

</li>
</ul><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="bwuline">About Ancora</span></b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ancoraalts.com&amp;esheet=54550446&amp;newsitemid=20260609836160&amp;lan=en-US&amp;anchor=www.ancoraalts.com&amp;index=4&amp;md5=8ecc5eb8f4451c9624336a9902c09b95" shape="rect">www.ancoraalts.com</a>.

</p><table xmlns="http://www.w3.org/1999/xhtml" cellspacing="0" class="bwtablemarginb bwblockalignl">
<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwpadl0" rowspan="1" colspan="1">_________________</td>
</tr>
<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0" rowspan="1" colspan="1"><p xmlns="http://www.w3.org/1999/xhtml" class="bwcellpmargin">
<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> FactSet. The Company's share price closed at $57.00 on 4/28/26 before it reported 2Q26 earnings after market close. The Company's share price closed at $49.15 on 4/29/26, the day following 2Q26 earnings,

</p>

</td>

</tr>
<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwpadl0" rowspan="1" colspan="1"><p xmlns="http://www.w3.org/1999/xhtml" class="bwcellpmargin">
<sup xmlns="http://www.w3.org/1999/xhtml">2</sup> Company's share price was $57.46 as of 6/8/26 market close.

</p>

</td>

</tr>
</table><p xmlns="http://www.w3.org/1999/xhtml">
 

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260609836160r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260609836160/en/" rel="nofollow">https://www.businesswire.com/news/home/20260609836160/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Longacre Square Partners LLC
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:ancora@longacresquare.com" shape="rect">ancora@longacresquare.com</a>

</p>

Ancora Releases Presentation Highlighting the Opportunity for a Value-Maximizing, Competitive Sale Process at Ashland Inc.

Activist highlights Ashland sale potential with upside over $76 per share

WILMINGTON, Del., June  10, 2026  (GLOBE NEWSWIRE) -- Ashland Inc. (NYSE:ASH) today issued the following statement in response to the investor presentation released by Ancora Alternatives LLC:  Ashland&#39;s Board of

Ashland responds to investor presentation by Ancora Alternatives LLC

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Believes Ashland&amp;#39;s High-Margin, Strategically Scarce Assets Are Being Undervalued by the Public Markets in the Face of Near-Term Growth and Execution Issues


Urges Ashland&amp;#39;s Board to Conduct a Full Review of Strategic</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Ancora argues Ashland&#039;s high-margin, scarce assets are undervalued and calls for a full strategic review, citing potential buyers including Standard Industries. The presentation suggests a value-maximizing takeout at 11.5x EV/EBITDA (~$76.47+ per share) and a sum-of-parts value of $81.39, implying meaningful upside in a competitive process. If credible sale momentum builds, Ashland could re-rate in the near term.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Ancora urges Ashland strategic review amid interest from Standard Industries.</li><li>Life Sciences and Personal Care account for 75-80% of Ashland EBITDA.</li><li>Ashland trades at 9.6x EV/EBITDA, below historical med ~11x and 13.8x.</li><li>Base-case takeout at 11.5x EV/EBITDA implies ≥$76.47 per share.</li><li>Sum-of-parts valuation: $81.39 per share, ~41.6% upside.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Ashland Inc. (ASH)</strong>: Core company under sale-scenario; potential re-rating if strategic review proceeds.</li><li><strong>Standard Industries (private) (Private)</strong>: Approximately 9.9% stake; could catalyze sale discussions.</li><li><strong>W. R. Grace &amp; Co. (GRA) (GRA)</strong>: Precedent for private/strategic take-private actions by SI.</li><li><strong>Ancora Holdings Group LLC (Private)</strong>: Investor behind the presentation; catalyst for strategic alternatives review.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>M&amp;A activity focusing on Ashland&#039;s strategic options and potential sale; aligns with private equity/strategic buyer dynamics.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Ancora-initiated sale thesis could spark board review and auction talks.</li><li>Standard Industries&#039; stake supports potential take-private scenario.</li><li>Credible M&amp;A chatter may trigger short-term re-rating, depending on deal progress.</li><li>Ashland&#039;s earnings trajectory and market perception of standalone value drive revisitation.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Life Sciences and Personal Care account for ~75-80% of EBITDA.</li><li>ASH EV/EBITDA currently 9.6x; historical med ~11x and precedent ~13.8x.</li><li>Base-case takeout at 11.5x EV/EBITDA implies ≥$76.47 per share (33% premium).</li><li>Sum-of-parts valuation: $81.39 per share, ~41.6% upside.</li><li>ASH price around $57.46 as of 6/8/26; 2Q26 earnings released after market close 4/28/26.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>If a competitive sale progresses, ASH could re-rate toward the $80s within weeks to months.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Believes Ashland's High-Margin, Strategically Scarce Assets Are Being Undervalued by the Public Markets in the Face of Near-Term Growth and Execution Issues</i>

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Urges Ashland's Board to Conduct a Full Review of Strategic Alternatives, Including Evaluating Sale Options Following Apparent Interest from Standard Industries as Well as Other Strategic and Private Equity Buyers</i>

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Releases Presentation Outlining How a Sale Could Yield ~$76 Per Share or More, Representing a More Than 33% Premium and Likely the Best Risk-Adjusted Path Forward</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Ancora Holdings Group, LLC (collectively with its affiliates, "Ancora") today released a presentation (available <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fancora.s3.us-west-1.amazonaws.com%2FA%2BSpecialty%2BCatalyst.pdf&amp;esheet=54550446&amp;newsitemid=20260609836160&amp;lan=en-US&amp;anchor=here&amp;index=1&amp;md5=e30c272cd0d303c7e2d25822f39eb8e2" shape="rect"><b xmlns="http://www.w3.org/1999/xhtml">here</b></a>) detailing what it believes is a near-term opportunity to realize the intrinsic value of Ashland Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ASH">ASH</a>) ("Ashland" or the "Company") through a sale of the Company. Ancora plans to engage in a constructive and open dialogue with Ashland to gauge the Board of Directors' willingness to evaluate the Company's standalone prospects versus a potentially value-maximizing sale to one of the many logical strategic or private equity acquirers in the space.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Highlights of the <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fancora.s3.us-west-1.amazonaws.com%2FA%2BSpecialty%2BCatalyst.pdf&amp;esheet=54550446&amp;newsitemid=20260609836160&amp;lan=en-US&amp;anchor=presentation&amp;index=2&amp;md5=a072b013c6f3af9e022fa5b25f5085c0" shape="rect">presentation</a> include:

</p><ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Significant Mismatch Between Business Quality &amp; Current Valuation: </b>Ashland has the ultimate scarcity value of an established platform with diversified end market exposure, high-margin assets, long qualification cycles and high switching costs. The Life Sciences and Personal Care segments are Ashland's crown jewels, representing ~75%-80% of the Company's total EBITDA and generating stable EBITDA margins in the high-20s. These are differentiated, hard-to-displace ingredient businesses in resilient consumer end markets where Ashland holds both technology leadership and market share, providing the Company with deep customer relationships and product stickiness. Despite these fundamental strengths, the public markets continue to value Ashland at a conglomerate discount – the Company currently trades at ~9.6x EV/EBITDA, substantially below its historical median of ~11.0x and the ~13.8x median of comparable precedent transactions.

</li>
</ul><ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Existing Strategic Pressure:</b> Chief Executive Officer Guillermo Novo transformed the business into a pure-play specialty chemical company during the first three years of his tenure via the sale of non-core assets, targeted cost rationalization efforts, deleveraging and share repurchases. However, the Company then pivoted to an investment-led organic growth strategy that has failed to deliver any volume benefits over the past three and a half years. Execution has deteriorated seemingly every quarter as Ashland has missed consensus estimates in four of the last five quarters. In the 24 hours following the disclosure of Ashland's disappointing 2Q26 earnings, the Company's share price fell by nearly 15%, demonstrating that investors have little confidence in Ashland's standalone path forward.<sup xmlns="http://www.w3.org/1999/xhtml">1</sup>

</li>
</ul><ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Clear Path to a Competitive Sale Process: </b>Standard Industries' investment arm already owns ~9.9% of the Company and has a history of accumulating small stakes before subsequently taking companies private, including <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fstandardindustries.com%2Farticles%2Fpress-releases%2Fstandard-industries-holdings-to-acquire-grace&amp;esheet=54550446&amp;newsitemid=20260609836160&amp;lan=en-US&amp;anchor=W.R.+Grace&amp;index=3&amp;md5=069f1115182acc9f00dde74b0c0589ac" shape="rect">W.R. Grace</a> in 2021. Ancora's due diligence indicates there is also currently meaningful interest in Ashland from other potential strategic acquirers and sponsors, which could set the stage for a competitive process.

</li>
</ul><ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Potential for a Value-Maximizing Outcome: </b>We estimate a take-out of Ashland could be executed at a base case 11.5x multiple, representing at least $76.47 per share or a 33.1% premium to the current share price.<sup xmlns="http://www.w3.org/1999/xhtml">2</sup> Our sum-of-the-parts valuation of $81.39 per share (41.6% upside) corroborates the take-out base case and provides an independent anchor for Ashland being fairly valued at above $80 during a competitive process.

</li>
</ul><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="bwuline">About Ancora</span></b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ancoraalts.com&amp;esheet=54550446&amp;newsitemid=20260609836160&amp;lan=en-US&amp;anchor=www.ancoraalts.com&amp;index=4&amp;md5=8ecc5eb8f4451c9624336a9902c09b95" shape="rect">www.ancoraalts.com</a>.

</p><table xmlns="http://www.w3.org/1999/xhtml" cellspacing="0" class="bwtablemarginb bwblockalignl">
<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwpadl0" rowspan="1" colspan="1">_________________</td>
</tr>
<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0" rowspan="1" colspan="1"><p xmlns="http://www.w3.org/1999/xhtml" class="bwcellpmargin">
<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> FactSet. The Company's share price closed at $57.00 on 4/28/26 before it reported 2Q26 earnings after market close. The Company's share price closed at $49.15 on 4/29/26, the day following 2Q26 earnings,

</p>

</td>

</tr>
<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwpadl0" rowspan="1" colspan="1"><p xmlns="http://www.w3.org/1999/xhtml" class="bwcellpmargin">
<sup xmlns="http://www.w3.org/1999/xhtml">2</sup> Company's share price was $57.46 as of 6/8/26 market close.

</p>

</td>

</tr>
</table><p xmlns="http://www.w3.org/1999/xhtml">
 

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260609836160r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260609836160/en/" rel="nofollow">https://www.businesswire.com/news/home/20260609836160/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Longacre Square Partners LLC
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:ancora@longacresquare.com" shape="rect">ancora@longacresquare.com</a>

</p>

Ancora argues Ashland's high-margin, scarce assets are undervalued and calls for a full strategic review, citing potential buyers including Standard Industries. The presentation suggests a value-maximizing takeout at 11.5x EV/EBITDA (~$76.47+ per share) and a sum-of-parts value of $81.39, implying meaningful upside in a competitive process. If credible sale momentum builds, Ashland could re-rate in the near term.

Ancora Releases Presentation Highlighting the Opportunity for a Value-Maximizing, Competitive Sale Process at Ashland Inc.

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

M&A

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