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Ashland Buying International Specialty Products for $3.2 Billion

May 31, 2011
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According to the Associated Press, Ashland will spend about $3.2 billion to buy International Specialty Products Inc. The deal, expected to close before the end of the fourth quarter, should immediately add to Ashland''s earnings per share. The transaction is expected to save Ashland approximately $50 million by the second year after the acquisition''s closing by eliminating redundancies and making operations more efficient. The Covington, Ky., chemical company plans to use available cash and committed financing from several banks including Citi, The Bank of Nova Scotia, Bank of America Merrill Lynch and U.S. Bank National Association. If financing falls through, ISP could require Ashland to pay a $413 million termination fee. The deal requires U.S. and European Union regulatory approvals.

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