Activist investor Cruiser has urged chemicals maker Ashland to explore a potential sale, according to a report. The campaign aims to unlock shareholder value by encouraging the company to consider strategic alternatives, including a possible transaction.

Cruiser's push comes as it seeks to drive changes at Ashland. The activist believes that a sale could provide a premium to current shareholders. Ashland has not yet publicly responded to the specific demands outlined by Cruiser.

The development highlights increasing activist interest in the chemicals sector. Ashland's board will likely need to evaluate the proposal and determine the best path forward for the company and its investors.

Ashland Inc. has responded to the investor presentation released by Ancora Alternatives LLC, which urged the company to initiate a competitive sales process to unlock shareholder value. Ancora had argued that a transaction could achieve a takeout price of at least $76.47 per share, representing a 33.1% premium over the current share price of $57.46. The activist investor contended that Ashland's high-margin assets are undervalued and warned of a potential proxy fight if progress is not made by September.

Ashland's Board of Directors and management team stated they are committed to driving sustainable value creation for all shareholders. While noting that Ancora did not engage with Ashland prior to its presentation, the company intends to engage with the investor as part of its ongoing dialogue. Ashland emphasized its focus on growth strategies to execute, globalize, innovate and invest, alongside improving operational performance and cash generation.

The Board frequently evaluates Ashland's strategy and value creation opportunities, including a review of the operating plan, portfolio priorities, and capital policy. Ancora's presentation had highlighted a valuation mismatch, pointing out that the Life Sciences and Personal Care segments generate approximately 75% to 80% of total EBITDA with stable margins in the high-20s. Despite these strengths, Ashland trades at an EV/EBITDA multiple of ~9.6x, below its historical median of ~11.0x.

Ancora identified Standard Industries, whose investment arm owns ~9.9% of Ashland, as a potential buyer. The following table outlines the valuation metrics presented by Ancora:

Ashland's execution has faced scrutiny following a pivot to an investment-led organic growth strategy, with the company missing consensus estimates in four of the last five quarters. After reporting disappointing 2Q26 earnings, the share price fell nearly 15% to $49.15 on April 29, 2026. Ashland's Board affirmed it will continue to make decisions based on the best interest of the company and all shareholders.