H.B. Fuller Rejects Proposal From Ancora For Building Adhesives Solutions Business

(RTTNews) - H.B. Fuller Company (FUL), an adhesives company, said on Monday that it has rejected Ancora's unsolicited, non-binding proposal to acquire its Building Adhesives Solutions business.

The $1.1 billion to $1.2 billion proposal is substantially below precedent transactions and doesn't represent full value for the business, according to the company.

H.B. Fuller noted that the proposal materially undervalues the BAS business, ignores its prospects for future growth and value creation, fails to appreciate the importance of this segment, and lacks key details needed to demonstrate Ancora's ability to execute any such transaction.

The company added that a carve-out of the BAS business, which shares manufacturing with H.B. Fuller's other businesses in over thirty plants, would result in material operating inefficiencies.