Ancora Holdings Group LLC reaffirmed its acquisition proposal for H.B. Fuller Company’s Building Adhesive Solutions segment on Monday, following a reported rejection by the target company’s board.
The proposal, which includes provisions for a potential valuation increase based on due diligence and no financing contingency, was disclosed after Ancora said it had no prior direct communication with H.B. Fuller’s board. The board’s rejection was reported by Bloomberg News on August 21, the same day H.B. Fuller’s stock closed at $58.70, down $0.46 or 0.78%.
Ancora argued the transaction would help H.B. Fuller address its leverage position, asserting that asset sales could reduce debt. The firm criticized the board’s decision, stating it had not engaged in discussions prior to the public rejection. Ancora also warned it may pursue legal remedies if shareholder value continues to be affected, calling for either a leadership change or a strategic alternatives review.
H.B. Fuller has not publicly responded to Ancora’s reaffirmed proposal.
