Janux stock plunges after hours following mCRPC trial data
Investing.com -- Ashland Inc. (NYSE:ASH) stock jumped 9% after investment firm Standard Investments LLC disclosed a 5.7% stake in the company, representing approximately 2,625,000 shares.
In a Schedule 13D filing with the Securities and Exchange Commission, Standard Investments indicated it acquired the shares because it believes they represent "an attractive investment opportunity." The investment firm stated it plans to engage with Ashland’s management, board of directors, and other stakeholders regarding various matters including business strategy, capital allocation, corporate governance, and potential strategic alternatives.
Standard Investments noted it may take actions to "bring about changes to increase shareholder value" and will continue to review its investment on an ongoing basis. The firm also indicated it might acquire additional shares or dispose of its current holdings depending on various factors including Ashland’s financial position, management actions, and market conditions.
The investment firm left open the possibility of proposing changes to Ashland’s operations, governance, or capital structure in the future, while maintaining flexibility to adjust its position based on developments at the company.
Ashland, a global specialty materials company, has seen its stock respond positively to the news of Standard Investments’ stake acquisition and potential activist involvement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.