Cravath Reps Ashland In $3.2B Chemical Maker Buy

Law360, New York (May 31, 2011, 12:08 PM EDT) -- Covington, Ky.-based Ashland Inc.'s stock roared ahead Tuesday after the chemical company said it would pay $3.2 billion in cash for privately held specialty chemicals company International Specialty Products Inc. and its $360 million in yearly adjusted earnings.

Ashland's stock moved up nearly 12 percent Tuesday, with shares closing at $68.34 each, as the company said the purchase of Wayne, N.J.-based International Specialty Products — and its portfolio of agrochemicals, hair and skin care lines, beverage clarifying chemicals and drug solubilization technologies — would immediately boost earnings.

The purchase of International...
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