H.B. Fuller Board Rejects Unsolicited Proposal for Building Adhesives Solutions Business
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The board of directors of H.B. Fuller Co. announced today that, following a review supported by independent financial and legal advisors, it unanimously rejected Ancora’s unsolicited, non-binding proposal to acquire its Building Adhesives Solutions (BAS) business. Ancora sent a letter proposing the acquisition on August 12, 2026. Ancora Group holds a 2% stake in H.B. Fuller.
In a letter to Ancora, H.B. Fuller’s board stated that the proposed purchase price of $1.1 billion to $1.2 billion for the BAS business segment significantly undervalued the business and did not account for its growth potential or strategic importance to the company’s business plan. The board also questioned Ancora’s ability to follow through with the proposal, citing a lack of details needed to execute the transaction.
Additionally, the board stated that a potential divestment of the BAS business segment would lead to “significant dis-synergies” within the company, as BAS shares manufacturing operations with other H.B. Fuller businesses around the world.
Finally, the company stated that its current focus is on closing and integrating its acquisition of Advanced Medical Solutions Group (AMS), a U.K.-based medical supplier focused on wound-care technologies. Ancora’s activist campaign involving H.B. Fuller began in May 2026 with a letter opposing H.B. Fuller’s acquisition of AMS.
Learn more about H.B. Fuller at hbfuller.com.
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