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): January 24, 2000
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, Covin 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 (606) 815-3333
<PAGE>
Item 5. Other Events
------- ------------
On June 22, 1999, Ashland, as a shareholder of 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 October 5, 1999, Ashland announced that it was making progress on
its study to explore strategic alternatives for its investment in Arch Coal
and that, at that point, a tax-free spin-off to its shareholders would seem
to be its preferred alternative. Ashland also announced that it had
submitted a proposal to Arch Coal and had begun discussions with a special
committee of the Arch Coal Board of Directors regarding such a spin-off
transaction. Such a spin-off would be subject, among other things, to a
negotiated agreement with the special committee of the Arch Coal Board of
Directors, approval by the Arch Coal shareholders, a favorable ruling from
the Internal Revenue Service, and approval by Ashland's Board of Directors.
There can be no assurance that an agreement with the special committee of
the Arch Coal Board of Directors will be reached or that the necessary
approvals of the Arch Coal shareholders and the Ashland Board of Directors
will be obtained or that a favorable ruling from the Internal Revenue
Service will be obtained. Even if an agreement is reached and such
conditions are met, Ashland anticipates that it will be several months
before a tax-free spin-off could be consummated.
On January 24, 2000, Ashland announced that it continues to pursue
spin-off alternatives for its investment in Arch Coal, including both
tax-free and taxable distributions.
-2-
<PAGE>
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.
------------
(Registrant)
Date: January 24, 2000 /s/ David L. Hausrath
-----------------------------
Name: David L. Hausrath
Title: Vice President and
General Counsel
-3-
