en.Wedoany.com Reported - On August 12, U.S. investment firm Ancora Holdings Group submitted an unsolicited acquisition proposal to the board of H.B. Fuller, offering $1.1 billion to $1.2 billion in cash for its construction adhesives solutions business. H.B. Fuller has confirmed receipt of the proposal, and the board will evaluate it together with financial and legal advisors. No transaction agreement has been reached between the parties at this time.
Ancora stated it is willing to immediately sign a confidentiality agreement and commence due diligence. The firm had previously engaged with H.B. Fuller's CEO and Chairman on July 7 to discuss the potential divestiture of the construction adhesives business, but the written submission on August 12 marks its first formal acquisition proposal. Ancora disclosed in May 2026 that it holds more than 2% of H.B. Fuller's shares.
The construction adhesives solutions segment is one of H.B. Fuller's three operating divisions, covering applications such as commercial building roofing, building envelopes, infrastructure, highway transportation, communications facilities, LNG industrial installations, HVAC insulation, wood and composite materials, and insulating glass. It primarily supplies specialty adhesives, sealants, tapes, and supporting application equipment.
According to H.B. Fuller's fiscal 2025 report, the segment generated net revenue of $860 million, accounting for 25% of the company's total revenue; adjusted EBITDA was $134 million, with a margin of 15.6%. During the same period, H.B. Fuller's total revenue was $3.474 billion, and the proposed acquisition price for the construction adhesives business represents approximately 1.3 to 1.4 times its fiscal 2025 revenue.
This proposal is related to H.B. Fuller's ongoing acquisition of a medical materials business. H.B. Fuller has agreed to acquire UK-based medical product manufacturer Advanced Medical Solutions Group for approximately £715 million, including debt. Ancora previously opposed that transaction and now proposes the sale of the construction adhesives business, hoping H.B. Fuller will reduce debt pressure through divestiture and focus resources on medical and other high-value-added adhesive markets.
H.B. Fuller stated that management and the board will continue to review the business portfolio and evaluate Ancora's proposal based on long-term shareholder value. Whether subsequent steps—including signing a confidentiality agreement, conducting due diligence, submitting a formal offer, and undergoing regulatory approval—will proceed depends on the outcome of the board's evaluation.
