H B Fuller CompanyAncora raised its cash bid for H.B. Fuller's building adhesives unit to as much as $1.4 billion, roughly 50% of Fuller's equity value, after Fuller rejected the earlier offer.

Activist investor Ancora Holdings raised its bid for H.B. Fuller's building adhesives unit to as much as $1.4 billion after the chemicals company rejected its earlier offer last month. Ancora is offering to pay between $1.2 billion and $1.4 billion in cash for the adhesives unit, up from a bid of as much as $1.2 billion last month, according to a letter sent to the Fuller board on Tuesday. The activist said it has obtained a "highly confident" letter from Fortress Investment Group related to being able to satisfy debt requirements, and that the offer is based entirely on publicly available information, with Ancora prepared to adjust its bid after due diligence. The revised bid represents roughly 50% of H.B. Fuller's current equity value, while the building adhesives segment accounts for only about 20% of consolidated revenue, and it values that unit at 8.5x to 9.9x LTM EBITDA and 9.0x estimated 2026 EBITDA, versus H.B. Fuller trading at about 7.0x 2026 EBITDA. Ancora CEO Fredrick DiSanto and President James Chadwick wrote that a negotiated transaction is a far better path for H.B. Fuller and its shareholders than an ongoing public disagreement, and Fuller shares have dropped 15% since the company rejected the Ancora offer on Aug. 24.
H B Fuller CompanyAncora raised its cash bid for H.B. Fuller's building adhesives unit to as much as $1.4 billion, roughly 50% of Fuller's equity value, after Fuller rejected the earlier offer.