Activist investor Ancora Holdings Group LLC has sent a public letter to the board of directors of H.B. Fuller Company (NYSE: FUL), calling on the company to launch a review of strategic alternatives and criticizing what it described as value-destructive decisions by management and the board.

In the letter, dated September 24, 2026, Ancora said it had spent several months attempting to engage privately with H.B. Fuller leadership. The firm said it had recommended that the company refocus on high-margin businesses and reduce leverage, and that it had expressed interest in acquiring H.B. Fuller's Building Adhesive Solutions segment for cash consideration it said would represent more than 40% of the company's current equity value. Ancora said that offer was rejected.

Ancora contrasted its experience with H.B. Fuller against its earlier engagement with Ashland Inc., where it said a cooperation agreement was reached within roughly one month, resulting in two new directors joining that company's board. Ancora cited a roughly 40% stock performance disparity between Ashland and H.B. Fuller since May 15, 2026, sourcing that data from FactSet.

The letter also criticized H.B. Fuller's classified board structure and capital allocation decisions, including what Ancora described as a costly overseas acquisition that would increase the company's debt load.

Ancora said it anticipated the company might announce limited board changes, such as not re-nominating long-tenured directors in 2027 or announcing a phased board declassification, characterizing such moves as insufficient.

The letter was signed by Fredrick D. DiSanto, chairman and chief executive of Ancora Holdings Group LLC, and James Chadwick, president of Ancora Alternatives LLC.