Just a day after

Dow Chemical

(DOW) - Get Report

said it would acquire

Rohm & Haas

(ROH)

, another deal is taking place in the chemicals space, this time with

Ashland

(ASH) - Get Report

setting plans to acquire

Hercules

(HPC)

.

Ashland will pay $18.60 in cash and 0.093 shares for each share of Hercules, for a value of about $23.01 each. Hercules closed Thursday at $16.66, giving the pact a premium of 38%.

The total transaction value is about $3.3 billion, or $2.6 billion excluding $700 million of assumed debt. The companies expect to close the arrangement by the end of the year.

Shares of Hercules were up 27% at $21.15 in premarket trading Friday. The stock has traded between $14.90 and $22.48 in the past 52 weeks. Ashland closed the prior session at $47.41.

This article was written by a staff member of TheStreet.com.