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Ashland enters into $750mn ASR share agreements
06 Aug '14
1 min read
Ashland Inc. announced that it has entered into uncollared accelerated share repurchase (ASR) agreements with each of Deutsche Bank AG, London Branch ("Deutsche Bank"), and JPMorgan Chase Bank, N.A., ("JPMorgan") to repurchase an aggregate of $750 million of Ashland's common stock. These agreements are part of Ashland's previously announced $1.35 billion share repurchase program.
Under the ASR agreements, Ashland has agreed to repurchase an aggregate of $750 million of its common stock from Deutsche Bank and JPMorgan, with immediate delivery of an aggregate of approximately 5.9 million shares expected.
The term of the agreements is through June 30, 2015, although they may be completed earlier based on market conditions and other factors.
About Ashland
Ashland Inc. is a global leader in providing specialty chemical solutions to customers in a wide range of consumer and industrial markets, including architectural coatings, automotive, construction, energy, food and beverage, personal care and pharmaceutical. Through our three commercial units - Ashland Specialty Ingredients, Ashland Performance Materials and Valvoline - we use good chemistry to make great things happen for customers in more than 100 countries.
Under the ASR agreements, Ashland has agreed to repurchase an aggregate of $750 million of its common stock from Deutsche Bank and JPMorgan, with immediate delivery of an aggregate of approximately 5.9 million shares expected.
The term of the agreements is through June 30, 2015, although they may be completed earlier based on market conditions and other factors.
About Ashland
Ashland Inc. is a global leader in providing specialty chemical solutions to customers in a wide range of consumer and industrial markets, including architectural coatings, automotive, construction, energy, food and beverage, personal care and pharmaceutical. Through our three commercial units - Ashland Specialty Ingredients, Ashland Performance Materials and Valvoline - we use good chemistry to make great things happen for customers in more than 100 countries.
Ashland
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