|Bid||78.28 x 1300|
|Ask||78.30 x 1000|
|Day's Range||76.53 - 78.59|
|52 Week Range||64.81 - 86.63|
|Beta (3Y Monthly)||1.42|
|PE Ratio (TTM)||43.43|
|Forward Dividend & Yield||1.00 (1.31%)|
|1y Target Est||N/A|
Ashland Global Holdings Inc. is planning to add two independent directors to its board after shareholders vote at its annual meeting amidst a proxy battle with one of its large shareholders.
Hedge fund Cruiser Capital said it plans to press on with its proxy fight at Ashland Global Holdings even after the specialty chemicals business struck a deal to refresh its board with another large shareholder. The New York-based hedge fund is asking shareholders to replace four directors, including the company's chief executive who has a seat on the board, and is arguing that the company's deal with another shareholder hurts all investors. Over the weekend Ashland agreed with Neuberger Berman, which owns 2.8 percent of the company, to add two new directors and have one current director step down.
Ashland Global Holdings Inc., locked in a proxy fight with an activist investor, struck a deal with a different, typically quiet investor to add two new directors and make other changes. Ashland Chief Executive Bill Wulfsohn and Neuberger Berman Group LLC, a 2.8% shareholder, told The Wall Street Journal on Sunday that they agreed to a plan in which the specialty-chemicals company will find and add two new directors after its annual meeting, refresh leadership of its board committees and have a longtime director step down. Hedge fund Cruiser Capital Advisors LLC, which owns 2.5% of Ashland, nominated four directors to Ashland’s board in October, seeking to oust four current directors, including one who will step down as part of the new plan.
A large shareholder of Ashland Global Holdings Inc. has nominated a slate of directors to rival some of the company’s board members, giving shareholders a choice to make when they vote next month.
UPDATED 4:08 PM ET: A New York hedge fund said it isn’t supporting the reelection of Ashland Global Holdings’ chief executive as chairman of the company’s board of directors
Cruiser Capital Advisors said on Monday it wants to replace four directors at chemical company Ashland Global Holdings, including the board chairman. The New York-based hedge fund aims to remove Ashland Chief Executive Bill Wulfsohn from his position as board chair and is also targeting three other directors who are members of the company's governance and nominating committee. "Should Bill Wulfsohn hold both the Chairman and CEO jobs?," the hedge fund wrote in a letter on Monday.
Activist Shareholder Cruiser Capital Criticizes Ashland for Poor Governance and Misleading Statements By John Jannarone Cruiser Capital Advisors issued a letter to Ashland Global Holdings shareholders Monday, urging them to replace four board directors including the current chairman and CEO, citing a lapse in corporate governance and deliberate attempts to mislead investors about the company's […]
On January 3, Ashland (ASH) announced that it will increase composite product prices. The price increase is limited to India. The price increase will be effective on January 3 or as the contract allows.
Ashland (ASH) projects adjusted EPS for fiscal 2019 in the range of $3.10-$3.40, reflecting the pending divestiture of the Composites unit and the BDO manufacturing facility.
After Wednesday’s record rise, the Dow Jones industrial Average is down 345.83, or 1.51%, to 22,532.62 in recent trading.
Specialty chemicals company Ashland Global Holdings Inc. said Thursday it is tweaking guidance for fiscal 2019 to reflect the sale of its composites business and BDO manufacturing facility in Marl, Germany in a deal valued at about $1.1 billion. The company said the timing of the deal close means the full benefit of restructuring and interest savings will not be realized until fiscal 2020. it now expects fiscal 2019 adjusted per-share earnings of $3.10 to $3.40, down from prior guidance of $3.10 to $3.40. For the first quarter, it expects adjusted EPS of 5 cents to 15 cents, down from prior guidance of 55 cents to 65 cents. Shares were down 1.5% premarket, but are down 18.8% in 2018, while the S&P 500 has fallen 7.7%.
Cruiser Reiterates That Its Board Nominees Can Improve Company without Firing Staff Cruiser Capital Advisors says chemical manufacturer Ashland Global Holdings made a statement to its staff designed to confuse them about the goals of the activist investor. “[W]e are deeply troubled by Ashland’s description of our recommendations for the Company, which we believe is […]
On December 3, Ashland (ASH) announced that it completed the expansion of Natrosol HEC (hydroxyethylcellulose) in Nanjing, China. The plant expansion caused the site output to increase 30%. The expansion will likely give Ashland an advantage over its cost of production.
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We have processed the filings of the more than 700 world-class investment firms that we track and now have access to the collective wisdom contained in […]
In November, Ashland (ASH) was the biggest gainer among specialty chemical stocks. Ashland gained 11% in November and outperformed the S&P 500. The S&P 500 (SPY) gained 1.8% in November.
While specialty chemical companies face headwinds from trade tensions and raw material inflation, they should gain from healthy end-market demand and strategic initiatives.
Calculation Cited by Company Amid Proxy Fight May Overstate Profits for Many Investors By John Jannarone, Editor-in-Chief Strong shareholder returns are perhaps the strongest defense a company can make against investor criticism. But before taking reported numbers at face value, it pays to do some homework. Consider the case of chemical manufacturer Ashland Global […]
Yahoo Finance’s Adam Shapiro, Julie Hyman and Brian Sozzi join Managing Partner of Cruiser Capital Advisors Keith Rosenbloom to discuss the proxy fight between Ashland Global and Cruiser Capital.