H.B. Fuller Rejects Ancora’s Second Offer for Building Adhesive Solutions Business
H.B. Fuller Co. has unanimously rejected Ancora’s second unsolicited, non-binding proposal to acquire its Building Adhesive Solutions (BAS) business. The offer for the BAS business was between $1.2 billion and $1.4 billion in cash and was announced at the end of September.
H.B. Fuller stated that the board determined that the modest offer price increase does not adequately capture the value of the BAS business, including its organic growth momentum, the significant role it plays within H.B. Fuller’s broader platform, and the upside inherent in it from Project Quantum Leap. The company also stated that the board considered that the offer continued to lack key details, leaving it to conclude the terms to be highly conditional.
The company also stated that it will conduct a market check involving select market segments and product lines that are less integral to its portfolio and strategy, with the intent to use any proceeds towards deleveraging. As part of this process, H.B. Fuller will carefully consider the feasibility of separating certain market segments, including any stranded costs, tax implications, dis-synergies, and impact to execution of Project Quantum Leap. H.B. Fuller expects to complete this market check by year end 2026.
Learn more about H.B. Fuller at hbfuller.com.
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