SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 22, 2001
ASHLAND INC.
(Exact name of registrant as specified in its charter)
Kentucky
(State or other jurisdiction of incorporation)
1-2918 61-0122250
(Commission File Number) (I.R.S. Employer
Identification No.)
50 E. RiverCenter Boulevard, Covington, Kentucky 41012-0391
(Address of principal executive offices) (Zip Code)
P.O. Box 391, Covington, Kentucky 41012-0391
(Mailing Address) (Zip Code)
Registrant's telephone number, including area code (859) 815-3333
ITEM 5. OTHER EVENTS
On June 22, 1999, Ashland Inc. ("Ashland"), as a shareholder of Arch
Coal, Inc. ("Arch Coal"), announced that it had retained the investment
banking firm of Goldman Sachs to help Ashland explore strategic
alternatives for its investment in Arch Coal.
On March 16, 2000, Ashland's board of directors declared a taxable
distribution to its shareholders of approximately 17.4 million of its 22.1
million shares of Arch Coal Common Stock. On March 27, 2000, Ashland
distributed these 17.4 million shares of Arch Coal Common Stock to its
shareholders of record on March 24, 2000. Each share of Ashland Common
Stock received 0.246097 shares of Arch Coal Common Stock. In addition,
Ashland shareholders received $7.1875 per share for any fractional shares
of Arch Coal Common Stock, which was determined to be the value of Arch
Coal Common Stock on the record date.
At that time, Ashland announced that it intended to dispose of its
remaining 4.7 million shares of Arch Coal Common Stock in a transaction or
transactions that qualify as a sale for federal income tax purposes by
March 2001. On September 6, 2000, Arch Coal filed a registration statement
under the Securities Act of 1933, as amended, for the sale of 4,756,968
shares of Arch Coal Common Stock by Ashland in an underwritten public
offering. These shares were sold on February 22, 2001 at a price of $19.00
per share, before underwriter's commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
ASHLAND INC.
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(Registrant)
Date: February 22, 2001 /s/ David L. Hausrath
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Name: David L. Hausrath
Title: Vice President and
General Counsel