Ancora offers to buy H.B. Fuller's adhesive unit for up to $1.2 billion in cash (updated)

Ashland

12/08/2026 15:57

Adds H.B. Fuller's response and updates share movement in paragraph 6
By Anshuman  Tripathy
Aug 12 (Reuters) - Activist investor Ancora Holdings said on Wednesday it has proposed to buy H.B. Fuller's FUL.N Building Adhesive Solutions business for as much as $1.2 billion in cash.
In a letter to H.B. Fuller's board, Ancora said it wanted the company to explore a deal for the unit, describing it as "win-win" for the adhesives maker and its shareholders.

        Ancora has also been considering a proxy fight to gain control of the company's board, a source familiar with the matter told Reuters.
The investment firm said it had privately re-engaged with H.B. Fuller's chief executive and chairman for a potential deal in early July. 
"We fear your collective preference for entrenchment is once again impairing your judgment and undermining shareholders' best interests," Ancora said in its letter to Fuller's board, adding that it was prepared to immediately enter into a confidentiality agreement and begin due diligence.
H.B. Fuller, whose shares closed nearly 3% down on Wednesday, said it would "carefully evaluate the proposal in consultation with its financial and legal advisors". 
Activist investors are pushing companies to sell their entire business or parts of it as dealmaking surges, heaping pressure on boards and management teams. Ancora has also pushed chemical maker Ashland ASH.N to pursue a sale.
Earlier this year, H.B. Fuller agreed to buy British medical supplier Advanced Medical Solutions Group (AMS) AMSU.L in a cash deal valuing it at about £715 million ($967.04 million) including debt.
Ancora, which in May disclosed a more than 2% stake in Fuller, had described the deal for AMS as an "irresponsible pursuit" and urged the company to abandon it.
On Wednesday, Ancora said the sale of Fuller's building adhesive unit would allow the company to focus on integrating Advanced Medical Solutions while exiting a low-margin segment in a highly fragmented market.
 
($1 = 0.7394 pounds)

 (Reporting by Anshuman Tripathy in Bengaluru; Editing by Shailesh Kuber and Diti Pujara)
 ((Anshuman.Tripathy@thomsonreuters.com;))