Cooperman Backs Ashland, Value Creation as Activists Circle (2)

Former hedge fund manager Leon Cooperman is throwing his support behind Ashland Inc.’s board and management, but said he is open to a potential sales process, as the specialty chemicals company faces pressure from two activist investors.

Cooperman, chairman and chief executive officer of Omega Advisors, told Ashland’s board in an email Sunday that he has “high conviction in the business, its board and its management team,” according to the email reviewed by Bloomberg News.

However, Cooperman added in an interview that he is not against a sale of the company or the activists. He said that Ashland ...