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H.B. Fuller Receives BAS Acquisition Proposal as AMS Deal Proceeds

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H.B. Fuller Co. has received an unsolicited proposal from Ancora Holdings Group to acquire its Building Adhesives Solutions (BAS) business. The offer for the business is between $1.1 billion and $1.2 billion in cash.

Although Ancora previously expressed a passing verbal interest in BAS, the letter that H.B. Fuller received on August 12, simultaneously with the news being made public, represents the first offer that Ancora has made for this business. In response, H.B. Fuller stated that its management team and board of directors regularly review the company’s portfolio, and the board will evaluate the proposal in consultation with its financial and legal advisors.

At the end of June, Ancora, which holds a 2% share in H.B. Fuller, responded to H.B. Fuller’s announced plan to acquire Advanced Medical Solutions Group (AMS). Ancora leadership sharply criticized the acquisition and accused the board of management of acting against shareholders’ interests, stating that H.B. Fuller made the decision to acquire AMS over the public and private objections of shareholders.

Meanwhile, the deal to acquire AMS is proceeding. Last week, shareholders of AMS approved H.B. Fuller’s proposed acquisition at specially convened meetings of AMS shareholders held on August 12, 2026.

"We are pleased with this significant milestone," said Celeste Mastin, president and chief executive officer of H.B. Fuller. "AMS is an exceptional company and a rare strategic fit that advances our vision for the future of H.B. Fuller. By combining AMS's leading medical technologies, innovation expertise, and regulatory capabilities with H.B. Fuller's global scale and commercial reach, we will create a differentiated healthcare platform positioned for faster growth, stronger margins, and greater value creation. We are excited to welcome the AMS team and begin the next chapter together."

The approval of AMS shareholders is an important milestone towards completion of the transaction, which is expected to close by the end of the calendar year, subject to satisfaction or waiver of the remaining conditions set forth in the transaction documents.

Learn more about H.B. Fuller at hbfuller.com.