• Ancora unveils new Ashland campaign at Wolfe Research conference
  • Pushes for company to start strategic review process
  • Warns company it is ready to move ahead with a proxy fight

NEW YORK, June 9 (Reuters) - Activist Ancora Alternatives has built a significant stake in Ashland Inc ASH.N and wants the U.S. specialty chemicals company to sell itself, arguing that a transaction could boost its share price by at least 30%, according to a presentation reviewed by Reuters.

The Cleveland-headquartered hedge fund said it is ready to launch a proxy fight at the Wilmington, Delaware-based company if there is not tangible progress toward reaching a deal by the time the window to nominate directors opens in September.

Ancora began building its stake when the stock price dropped in April after Ashland, whose customers include L'Oreal, Estee Lauder EL.N, and Pfizer PFE.N, reported disappointing fiscal second-quarter earnings. Net income was lower and earnings per share missed Wall Street's forecasts.

Since hitting a high in December 2022, Ashland's stock price has tumbled roughly 50% and now trades near $57.50 as investors punish the company by valuing the whole at less than its standalone business segments would be valued, Ancora said. The company currently has a market value of $2.7 billion.

But a sales process could help push the stock much higher, Ancora forecast, saying the price could rise to at least $76 a share, marking a 31% gain from its current level.

"A sale is the best path to realizing Ashland's intrinsic value in the face of the company's significant trading discount and near-term growth and execution issues," the presentation said. "Ashland is an attractive asset to a deep pool of strategics and financial sponsors alike."

A representative for Ashland was not immediately available for comment.