I noticed this morning that ASH stock opened today at 60.35, about half the price it closed at last Friday, May 12, 2017 (121.75). Has the stock split? If so, what is the split ratio?
Ashland Global Holdings Inc. (ASH) sold off their ownership in Valvoline Inc. (VVV). Friday, May 12 was the distribution date of the sale; at the end of the day, every stockholder of ASH received 2.745338 shares of VVV stock for each share of ASH held. That is why the value of ASH has dropped significantly on open this morning.
- Nasdaq GlobeNewsWire, May 12, 2017: Ashland announces completion of final separation of Valvoline Inc.
- Business Wire, April 25, 2017: Valvoline Inc. Provides Update on Final Separation from Ashland Global Holdings Inc.