H.B. Fuller board unanimously rejects Ancora's $1.2B-$1.4B bid for BAS unit; launches market check

FULLER H B CO

Board rejected Ancora Holdings Group LLC's second unsolicited, non-binding proposal to buy the Building Adhesive Solutions (BAS) business for $1.2B-$1.4B in cash.
Board said the "modest offer price increase" fails to capture BAS value, including organic growth momentum, platform role and Project Quantum Leap upside; terms deemed highly conditional.
H.B. Fuller will run a market check on select market segments and product lines less integral to its portfolio, intending to use any proceeds for deleveraging.
Review will weigh separation feasibility, stranded costs, tax implications, dis-synergies and impact on Project Quantum Leap execution; expected complete by year-end 2026.
Ancora's proposal lacked key details, the company said; the Board said it continues to evaluate all opportunities to maximize shareholder value.

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