Analyst Expects Higher Bid for Hercules

Ashland’s $23/share bid to acquire Hercules is “undervalued” and a higher offer from Ashland or a third party is expected, says Dmitry Silversteyn, analyst at Longbow Research (Independence, OH). Ashland agreed to buy Hercules for $3.3 billion last week in a deal that would give Ashland a pro forma combined revenue for the 12 months ended March 31, 2008 of more than $10 billion, including roughly $3.5 billion generated outside of North America. The deal is expected to close by year-end. The deal “appears to be more favorable” to...

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