H.B. Fuller Company announced on October 19, 2026, that its Board of Directors has unanimously rejected a second unsolicited proposal from Ancora Holdings Group LLC to acquire the company's Building Adhesive Solutions (BAS) business.
The proposal, which was non-binding, offered to purchase the BAS business for between $1.2 billion and $1.4 billion in cash. The Board determined that the offer, which represented a modest price increase over previous proposals, did not adequately capture the value of the BAS business. The Board cited the business's organic growth momentum, its significant role within H.B. Fuller's broader platform, and the upside inherent in it from Project Quantum Leap as reasons for the rejection.
The Board also noted that the offer lacked key details and was highly conditional. Following the rejection, H.B. Fuller stated it will conduct a market check involving select market segments and product lines that are less integral to its portfolio and strategy. The company intends to use any proceeds from this process to deleverage. During this evaluation, H.B. Fuller will consider the feasibility of separating certain market segments, including any associated stranded costs, tax implications, and dis-synergies, as well as the impact on the execution of Project Quantum Leap. The company expects to complete this market check by the end of 2026.
