Ancora Calls for Potential Sale of H.B. Fuller
Following H.B. Fuller's rejection of Ancora's offer for its Building Adhesive Solutions (BAS) segment, the activist investor is now calling for a comprehensive strategic review, including a potential sale of the entire company. In an October 27 letter to H.B. Fuller's Board of Directors, Ancora stated that it is reserving its rights regarding upcoming deadlines and a potential bid for H.B. Fuller in its entirety. However, the firm has not announced a formal bid for the company.
In the letter, Ancora criticized the rejection of its $1.2 billion to $1.4 billion cash proposal to acquire the BAS segment, claiming that the offer represented more than 50% of H.B. Fuller's equity value. Ancora also accused the board of rejecting the proposal without substantive engagement. H.B. Fuller previously stated that its board unanimously rejected the offer after determining that it undervalued the BAS business and lacked key details.
Additionally, Ancora criticized what it characterized as H.B. Fuller's dangerously high leverage, urging the adhesives manufacturer to prioritize debt reduction and avoid risky acquisitions. Ancora argued that selling smaller, non-core assets would not meaningfully reduce H.B. Fuller's debt burden. The investor also expressed concerns about the company's stock price performance, citing a decline of more than 27% over the past five years. Ancora also took aim at H.B. Fuller's leadership, accusing the board and management of poor decision-making and asserting that the board has lost shareholder confidence.
Earlier in 2026, Ancora sharply criticized the H.B. Fuller's planned acquisition of Advanced Medical Solutions Group, accusing its leadership of acting against shareholders’ interests. Ancora argued that the acquisition contradicts H.B. Fuller’s previous commitments to prioritize share repurchases and debt reduction, and vowed to hold the company’s board and management accountable. H.B. Fuller continues to advance deal and recently announced a debt offering to help fund the acquisition.
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