Ancora Holdings Group has launched a fresh push for a potential sale of Ashland, arguing the specialty chemicals company is materially undervalued and could unlock significant upside through a competitive takeover process.

 

In a new presentation, Ancora said it sees a “near-term opportunity to realize the intrinsic value” of Ashland via a sale and intends to open discussions with the company’s board about whether shareholders would be better served by a strategic transaction rather than the current standalone plan.

 

The activist investor argues there is a stark disconnect between Ashland’s business fundamentals and its market valuation. It highlights the company’s Life Sciences and Personal Care divisions—described as its “crown jewels”—which together generate roughly 75%–80% of EBITDA and deliver high-20% margins. 

 

Despite what Ancora calls high-quality, sticky, and technology-driven businesses with strong customer relationships, the stock continues to trade at a “conglomerate discount,” at around 9.6x EV/EBITDA versus a historical median of ~11.0x and ~13.8x in comparable transactions.

 

Ancora also points to what it sees as weakening execution under CEO Guillermo Novo. While Novo previously reshaped Ashland into a pure-play specialty chemicals company through divestitures, cost cuts, deleveraging, and buybacks, Ancora says the firm’s later shift toward organic growth has failed to deliver volume gains. 

 

The company has missed consensus estimates in four of the last five quarters, and shares dropped nearly 15% in the 24 hours following its 2Q26 earnings release.

 

On the ownership side, Ancora notes that Standard Industries’ investment arm already holds about a 9.9% stake and has a history of taking companies private, including W.R. Grace in 2021. It also claims there is broader interest from strategic buyers and private equity sponsors, potentially setting the stage for a bidding process.

 

Ancora estimates that a take-private or sale could value Ashland at about 11.5x EBITDA, implying at least $76.47 per share—roughly a 33% premium to current levels. Its own sum-of-the-parts valuation goes further, at $81.39 per share, suggesting up to 41.6% upside and reinforcing its view that Ashland could clear $80 in a competitive auction scenario.