Standard Investments LLC Increases Stake in Ashland Inc. to 6.8%

Standard Investments LLC, along with affiliated entities and individuals David S. Winter and David J. Millstone, filed Amendment No. 1 to their Schedule 13D for Ashland Inc. (ASH) on May 6, 2026. The filing reports an increase in beneficial ownership to 3,115,001 shares of Common Stock, representing 6.803% of the class. This reflects an increase of greater than 1% since the initial filing in December 2025. The reporting persons acquired the additional shares through open market purchases by Standard Latitude Master Fund Ltd. between April 14 and May 5, 2026, at a total cost of approximately $158.6 million. Concurrently with these purchases, Standard Latitude Master early terminated a portion of its Total Return Swaps covering 490,000 shares. Despite these swap terminations, the reporting persons maintain significant economic exposure to the issuer, totaling approximately 9.89% when combining beneficially owned shares and remaining swap positions. The reporting persons indicated the shares were acquired as an attractive investment opportunity.