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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Ashland Inc | NYSE:ASH | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.86 | 0.90% | 96.06 | 96.865 | 95.63 | 95.63 | 252,676 | 01:00:00 |
From Apr 2019 to Apr 2024
Valvoline Inc. said it plans to sell 30 million shares for between $20 and $23 a share in its initial public offering, raising roughly $605 million in net proceeds as it spins off from Ashland Inc. later this year.
Valvoline Inc. includes Ashland's engine and automotive maintenance business based on the Valvoline lubricant brand.
Ashland will own 85% of the company, but intends to eventually spin off that stake to its own shareholders. Valvoline said it intends to take on $980 million in debt and give the proceeds to Ashland. It will use some of the stock sale to pay down this new debt.
Last September, Ashland's board approved its plan to separate into two publicly traded companies, which the company said marked a final step in its decadelong transition. The Ashland business will focus on driving growth through higher-margin specialty chemicals.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
September 12, 2016 09:55 ET (13:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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