Activist Ancora Seeks to Buy H.B. Fuller's Adhesives Unit
FUL sits 29% above its 52-week low of $48.71.
Summary
Activist investor Ancora, which previously pushed H.B. Fuller to sell its adhesives business, now wants to buy the unit itself. This escalates the May 26 campaign from pressure to a concrete offer, signaling Ancora sees significant standalone value. Ancora's non-binding cash proposal is $1.1 billion to $1.2 billion, made privately on July 7 with no financing contingency; it may raise the price after due diligence. The adhesives unit is core to H.B. Fuller's operations, and a sale could reshape the company following its recent £715M acquisition of Advanced Medical Solutions. H.B. Fuller shares fell 1.41% to $61.16. The move puts H.B. Fuller's board under direct pressure to engage.
Updated with a Benzinga report · What changed
Updates
· Benzinga — Ancora's non-binding cash proposal is $1.1 billion to $1.2 billion, made privately on July 7 with no financing contingency; it may raise the price after due diligence. H.B. Fuller shares fell 1.41% to $61.16.
At the time of this announcement, FUL was trading at $62.99 on NYSE in the Manufacturing sector, with a market capitalization of approximately $3.3B. The 52-week trading range was $48.71 to $68.63. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.