Ashland Inc. Explores Sale Amid Takeover Interest

Specialty chemical manufacturer Ashland Inc. is exploring a potential sale of the company after receiving takeover interest from both strategic and financial suitors. The Wilmington, Delaware-based company has engaged Citigroup Inc. and Lazard Inc. to manage the process.

Reported interested parties include private equity firms Advent, Apollo Global Management Inc., and Carlyle Group Inc., as well as Standard Industries Inc., which is one of the company's largest shareholders. The move follows a recent settlement with activist investor Ancora Holdings Group. That agreement resulted in the creation of a capital allocation committee and the addition of two directors to the Ashland board after Ancora pushed for a sale.

Ashland shares rose 5.5% to $76.45 following the news, bringing the company's market value to approximately $3.5 billion. The company has noted there is currently no certainty that these deliberations will result in a transaction.