Ashland’s Proxy Contest

Cravath advised Ashland in connection with this matter.

On January 22, 2019, Ashland Global Holdings Inc. (“Ashland”) announced that it has reached an agreement with Cruiser Capital Master Fund LP (“Cruiser Capital”), pursuant to which Ashland will consult with Cruiser Capital, in addition to its other shareholders, on the search for two new independent directors to be appointed to the Ashland board. As part of the agreement, Ashland also named a new consultant to the company on operations-related matters. The agreement follows the proxy contest with Cruiser Capital related to board leadership, and Ashland’s subsequent announcement regarding the addition of two new independent board members, the appointment of a lead independent director and the appointment of new board committee chairs following consultation with Neuberger Berman, one of the company’s largest shareholders, and other shareholders.

Ashland Global Holdings Inc. operates as a holding company. The Company produces and distributes chemicals and thermoplastic resins and in 2018 recorded $3.743 Million Revenues.

The Cravath team is led by partners Thomas E. Dunn (Picture) and Keith Hallam and includes associates Daniel J. Cerqueira, Sarah R. Jacobson, Richard E. Schwartz and Yiting Li on corporate matters; partner Eric W. Hilfers, practice area attorney Michelle M. Garrett and associates Matthew J. Bobby and Jacob M. Phillips on executive compensation and benefits matters; and partner Julie A. North and associate Eleanor J. G. Wasserman on litigation matters. Dixing Tang also worked on executive compensation and benefits matters.

Involved fees earner: Matthew Bobby – Cravath Swaine & Moore; Daniel Cerqueira – Cravath Swaine & Moore; Thomas Dunn – Cravath Swaine & Moore; Michelle Garrett – Cravath Swaine & Moore; Keith Hallam – Cravath Swaine & Moore; Eric Hilfers – Cravath Swaine & Moore; Sarah Jacobson – Cravath Swaine & Moore; Yiting Li – Cravath Swaine & Moore; Julie North – Cravath Swaine & Moore; Jacob Phillips – Cravath Swaine & Moore; Richard Schwartz – Cravath Swaine & Moore;

Law Firms: Cravath Swaine & Moore;

Clients: Ashland Global Holdings Inc.;

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Author: Ambrogio Visconti