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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.