Latham & Watkins Advises Ashland in Appointment of Two New Directors as Part of Cooperation Agreement With Stockholder Ancora

Ashland Inc. (NYSE: ASH), a global leader in additives and specialty ingredients, announced the appointments of two new independent members of the Company Board of Directors and the formation of a Capital Allocation Advisory Committee as part of entry into a cooperation agreement with Ancora Holdings Group, LLC, a meaningful stockholder. Effective immediately, the Board will appoint Peter Thomas and Allen Spizzo as independent members. In connection with the appointments of Thomas and Spizzo, the Board will temporarily expand to 11 members before reducing to 10 members at Ashland’s 2027 Annual Meeting. The newly formed Capital Allocation Advisory Committee will support and make recommendations to the Board regarding the Company’s capital allocation approach and strategic planning. Under the terms of the agreement, Ancora has agreed to customary standstill, voting commitments, and other provisions.

Latham & Watkins LLP represented Ashland with a Shareholder Activism & Takeover Defense team led by partners Christopher Drewry, Global Co‑Chair of Latham’s Shareholder Activism & Takeover Defense Practice, and Ryan Maierson and counsel Adam Tamzoke, with associates Meg Lloyd and William Anderson. Advice was also provided on securities matters by partner Michele Anderson, with associate Kate Pritchard.