Ancora raises offer for H.B. Fuller's adhesive unit to up to $1.4 billion (updated)

H.B. Fuller

29/09/2026 13:25

Changes sourcing, adds offer details in bullets 2-3
Sept 29 (Reuters) - Activist investor Ancora Holdings on Tuesday said it is offering to pay between $1.2 billion and $1.4 billion in cash for H.B. Fuller's FUL.N Building Adhesive Solutions business.
Ancora said it has obtained a letter from Fortress Investment Group on to its ability to provide the necessary debt financing for the acquisition
It said new offer represents about 50% of H.B. Fuller's current equity value while accounting for around 20% of its consolidated revenue
Last month, the investor had made an offer of up to $1.2 billion, which H.B. Fuller rejected arguing that the bid significantly undervalued the unit, its growth prospects and lacked ​details regarding the investment firm's ability to execute the deal
Ancora had said H.B. Fuller's rejection strengthened its ⁠case ​for board changes and claimed there ​was interest from other ​parties in both the segment and the entire company 
At the time of the previous offer, Ancora had been considering a proxy fight to ​gain control of the chemical company's board
Activist investors have been pushing companies to sell their entire business or parts of it as dealmaking surges, heaping pressure on boards and management teams. Ancora had also pushed chemical maker Ashland ASH.N to ​pursue a sale

 (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Diti Pujara)
 ((Aatreyee.Dasgupta@thomsonreuters.com;))