H.B. Fuller rejects Ancora's $1.4B bid for building adhesives unit

H.B. Fuller Company (NYSE: FUL) said its board of directors unanimously rejected a second unsolicited, non-binding proposal from Ancora to acquire its Building Adhesive Solutions (BAS) segment for between $1.2 billion and $1.4 billion in cash.

The board determined the revised offer price did not adequately reflect the value of the BAS business, citing its organic growth momentum, its role within H.B. Fuller's broader platform, and potential upside from the company's Project Quantum Leap initiative. The board also noted the proposal lacked key details, making its terms highly conditional.

Separately, H.B. Fuller said it will conduct a market check of select business segments and product lines it considers less integral to its portfolio and strategy. The company said it intends to use any proceeds from potential sales to reduce debt. The review will consider factors including stranded costs, tax implications, dis-synergies, and the impact on Project Quantum Leap execution. The company expects to complete the market check by the end of 2026.

H.B. Fuller, founded in 1887 and headquartered in St. Paul, Minn., reported revenue of $3.5 billion in 2025 and employs more than 7,100 people across 150 countries. The information is based on a press release statement from the company.

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