Blackwells Capital Activist Presentation Deck
CASE STUDIES - ASHLAND GLOBAL / AMBER ROAD
Ashland was a leader Global Specialty Chemicals with four
unique assets; specialty ingredients, water, performance
chemicals, and Valvoline
The Company was undervalued with two under-appreciated
businesses ripe for significant organic and inorganic growth.
Both businesses were highly valuable with coveted assets in
two industries experiencing significant change
The approach involved a long shareholder history with the
Company and a deep relationship with the management team
which was integral in the campaign
Ashland stock returned +27% and generated ~1150bps of Alpha
relative to the S&P 500
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Ashland™
always solving
BW
Jan-19-2016
Feb-19-2016
BLACKWELLS CAPITAL
Stock Price
Mar-19-2016
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www.m
May-19-2016
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Jul-19-2016
Strictly Confidential & Trade Secret
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Amber Road was a trade management software provider.
Blackwells, alongside a fellow activist fund, pressed Amber
Road to sell itself
While Blackwells never publicly commented on the transaction, a
proxy filing revealed that Blackwells wanted to gain Board
representation but dropped our request after a constructive
March 5th meeting with Company representatives
Two months later, E2open acquired Amber Road in an all-cash
transaction worth $13.05 per share
Amber Road shares returned 51% from the date of the proxy
filing revealing our involvement to the acquisition announcement
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Amber Road
POWERING GLOBAL TRADEⓇ
Mar-13-2019
Mar-06-2019
Mar-20-2019
Stock Price
Mar-27-2019
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