H.B. Fuller Company's board of directors has unanimously rejected Ancora's second unsolicited, non-binding proposal to acquire the company's Building Adhesive Solutions (BAS) business for between $1.2 billion and $1.4 billion in cash. The decision followed a review supported by independent financial and legal advisers.
The board concluded that the modest increase in the offer price did not adequately capture the value of the BAS business. In its assessment, the unit carries organic growth momentum, plays a significant role within H.B. Fuller's broader platform and holds upside from the company's Project Quantum Leap. Directors also noted that the proposal continued to lack key details, leading them to regard the terms as highly conditional.
H.B. Fuller said its board continues to evaluate all opportunities to maximize value for shareholders. As part of that effort, the company intends to conduct a market check covering selected market segments and product lines that are less integral to its portfolio and strategy, with the intent of directing any proceeds toward deleveraging.
The company said it will carefully weigh the feasibility of separating certain market segments, including stranded costs, tax implications, dis-synergies and the effect on execution of Project Quantum Leap. H.B. Fuller expects to complete the market check by the end of 2026.