Hercules shareholders to decide merger with Ashland on Nov. 5

By Lisa Kerner

Charlotte, N.C., Oct. 28 - Hercules Inc. will ask its shareholders to approve the company's acquisition by Ashland Inc. at a special meeting Nov. 5.

The transaction is expected to close during November, according to a form 10-Q filed with the Securities and Exchange Commission.

In July, Ashland agreed to acquire Hercules in a stock-and-cash deal valued at $23.01 per Hercules share, or about $3.3 billion including debt.

Under the companies' definitive merger agreement, Hercules shareholders will receive $18.60 per share in cash plus 0.093 shares of Ashland common stock for each share of Hercules common stock, it was previously reported.

A $77.5 million termination fee payable by Hercules under certain specified circumstances is included in the agreement, the filing noted.

Ashland is a diversified chemical company based in Covington, Ky.

Hercules manufactures and markets specialty chemicals for making a variety of products for home, office and industrial markets. The company is based in Wilmington, Del.

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