Ashland (ASH) Enters $500M Accelerated Buyback Agreement

Ashland (NYSE: ASH) announced announced that it has entered into an uncollared accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. to repurchase an aggregate of $500 million of Ashland's common stock. In April 2015, Ashland's board of directors approved a $1 billion share repurchase authorization expiring December 2017.

Under the ASR agreement, Ashland has agreed to repurchase an aggregate of $500 million of its common stock from Goldman Sachs, with an initial delivery of approximately 3.9 million shares. The ASR Agreement is scheduled to terminate no later than May 2016 but may be terminated early in certain circumstances, in whole or in part. Goldman Sachs may be required to deliver additional shares of common stock to Ashland, or under certain circumstances, Ashland may be required to deliver shares of common stock or to make a cash payment, at its election, to Goldman Sachs.

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