H.B. Fuller Company said its board of directors 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 advisors. The board concluded that the modest increase in the offer price did not adequately reflect the value of BAS, citing the unit's organic growth momentum, its role within H.B. Fuller's broader platform and the potential upside from Project Quantum Leap.
The board also said the proposal continued to lack key details and that it considered the terms highly conditional.
H.B. Fuller said its board continues to evaluate opportunities to maximize shareholder value. It plans to conduct a market check involving selected market segments and product lines that are less integral to its portfolio and strategy, with the intent to use any proceeds to reduce leverage.
As part of that process, the company will assess 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.