Ashland gives update final separation Valvoline

Ashland gives update on final separation of Valvoline

9:51 AM, 9th May 2017
Ashland logo

COVINGTON, US: Ashland Global Holdings Inc (Ashland) said that it has determined the final distribution ratio relating to its previously announced distribution of an aggregate of 170,000,000 shares of common stock of Valvoline Inc (Valvoline). the distribution date, as a pro rata dividend on shares of Ashland common stock outstanding at the close of business on the record date of 5 May.

Based on the shares of Ashland common stock outstanding, the record date for the distribution, each share of Ashland common stock will receive 2.745338 shares of Valvoline common stock in the distribution.

Fractional shares of Valvoline common stock will not be distributed to Ashland stockholders. Instead, the fractional shares of Valvoline common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in the form of cash payments to Ashland stockholders who would otherwise receive Valvoline fractional shares. The distribution has been structured to qualify as a tax-free distribution to Ashland stockholders for US federal income tax purposes.

Cash received in lieu of fractional shares will, however, be taxable. Ashland stockholders should consult their tax advisors with respect to US federal, state, local and foreign tax consequences of the distribution.

The distribution of shares of Valvoline common stock will be made in book-entry form, and no physical share certificates of Valvoline will be issued. An information statement describing the distribution will be mailed to Ashland stockholders. Ashland stockholders will not be required to pay cash or other consideration for the shares of Valvoline common stock to be distributed to them or to surrender or exchange their shares of Ashland common stock for receiving the distribution.

© Worldofchemicals News 

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Gel derived from wood used for fast healing of burn injuries

KOLKATA, INDIA: Indian researchers have developed an ointment derived from wood that can speed up healing of burn injuries, check infection and preclu ...

Read more
CB&I bags Formosa Chemicals’ plant expansion contract

THE WOODLANDS, US: Chicago Bridge & Iron Company NV (CB&I) said that it has been awarded a contract by Formosa Chemicals and Fi ...

Read more
ADM to acquire interest in Israeli agricultural feed distributer

CHICAGO, US: Archer Daniels Midland Company (ADM) said that it has reached an agreement to purchase a controlling interest in Industries Centers, an I ...

Read more
ExxonMobil, employees contribute more than $50 mn for education in US

IRVING, US: ExxonMobil Corporation said that as part of the ExxonMobil Foundation’s 2016 educational matching gift program the company and its e ...

Read more
The story of India’s dying mica industry

NEW DELHI, INDIA: Mica, the crumbly shiny white mass, comprising silicates of several elements, is a natural insulator and thus used in electrical app ...

Read more
BP, Kosmos makes gas discovery offshore Senegal, Africa

LONDON, UK: BP PLC along with joint venture partner Kosmos Energy Ltd announced a major gas discovery offshore Senegal, West Africa. The Yakaar-1 exp ...

Read more