Dec. 1 at 7:37 PM
Ashland shares rose after Standard Investments LLC disclosed a 5.7% stake in the company, representing about 2.63 million shares.
In a Schedule 13D filing with the SEC, Standard Investments said it acquired the stake because it sees Ashland as “an attractive investment opportunity.” The firm plans to engage with management, the board, and other stakeholders on issues including business strategy, capital allocation, governance, and potential strategic alternatives.
The investor signaled it may push for changes to boost shareholder value and could buy more shares or sell its position depending on Ashland’s performance, management actions, and market conditions. It also left open the possibility of proposing operational, governance, or capital-structure changes.
Ashland’s stock reacted positively to the news of the stake purchase and the prospect of activist involvement.
$ASH