H.B. Fuller Company’s board unanimously rejected an unsolicited $1.1 billion to $1.2 billion bid from Ancora to acquire its Building Adhesives Solutions (BAS) unit, deeming the offer materially undervalued.
The board, led by Chair Teresa J. Rasmussen, stated in a letter that Ancora’s proposal falls substantially below precedent transactions and lacks sufficient detail regarding financing and post-acquisition operations. The board also highlighted that separating BAS would create material operating inefficiencies, as the segment shares manufacturing facilities with H.B. Fuller’s other global operations across more than 30 plants.
H.B. Fuller reported 6% organic growth and a 10% EBITDA improvement in BAS for the second quarter, driven by pricing and volume gains. The company, which projects 2025 revenue of $3.5 billion, remains focused on integrating its Advanced Medical Solutions (AMS) acquisition and advancing Project Quantum Leap, a footprint rationalization initiative.
H.B. Fuller, the world’s largest pure-play adhesives company with over 7,100 employees serving 150 countries, also aims to reduce leverage to a target range of 2.5x to 3.0x within two years following the AMS deal.
