AMS shareholders approve H.B. Fuller acquisition proposal

Shareholders of Dutch semiconductor sensor manufacturer AMS have approved the proposed $1.4 billion acquisition by U.S.-based adhesives and specialty chemicals company H.B. Fuller.

The deal, first announced in March, was endorsed by AMS investors during a general meeting held on Friday. H.B. Fuller will acquire all outstanding AMS shares for $2.75 each in cash, valuing the transaction at approximately $1.4 billion.

AMS, which supplies sensors for smartphones, automotive and industrial applications, said the acquisition aligns with its strategy to focus on high-growth segments. The company’s board recommended shareholders support the proposal, citing H.B. Fuller’s financial strength and operational expertise in adhesives and materials science.

H.B. Fuller, a Minnesota-based firm with a market capitalization of about $5.2 billion, specializes in adhesives, sealants and coatings used across automotive, construction and consumer goods industries. The acquisition is expected to close in the second half of 2024, subject to regulatory approvals.

AMS Chief Executive Officer Hansjoerg Tschirky stated that the transaction would enable both companies to leverage complementary technologies and expand their global footprint in industrial materials.

The approval follows months of negotiations and due diligence, with AMS shareholders holding roughly 78% of the company’s shares voting in favor of the deal. H.B. Fuller has secured financing for the acquisition through a combination of cash reserves and debt financing.

The transaction remains subject to customary closing conditions, including antitrust clearances in key jurisdictions.