Ashland’s Acquisition of International Specialty Products

On May 31, 2011, Ashland Inc. and International Specialty Products Inc. (ISP) announced that Ashland has agreed to acquire privately owned ISP, a global supplier of specialty chemicals and performance enhancing products for consumer and industrial markets, for approximately $3.2 billion in cash. Cravath represented Ashland in connection with this transaction. The transaction, which is expected to close by the end of the September quarter, is subject to satisfaction of customary closing conditions and receipt of regulatory approvals.

The Cravath team included partners Susan Webster and Thomas E. Dunn and associates Samuel J. Whittington, Michael A. Coyne and Baolu Lan on corporate matters; partner C. Allen Parker and senior attorney Christopher J. Kelly on banking and finance matters; partner Eric W. Hilfers, practice area attorney M. C. Tania Balthazaar and associate Kevin E. Manz on executive compensation and benefits matters; partner Stephen L. Gordon and associate Jonathan J. Katz on tax matters; practice area attorney Annmarie M. Terraciano on environmental matters; and practice area attorney Gary R. Eisenman on real estate matters. Jacquelyn N. Arcati and Antje Hagena also worked on corporate and tax matters, respectively.