Announces market check for select market segments
ST. PAUL, Minn.--(BUSINESS WIRE)-- H.B. Fuller Company (“H.B. Fuller” or “the Company”) (NYSE: FUL), the world’s largest pureplay adhesives company, today announced that following a thorough review supported by independent financial and legal advisors, its Board of Directors has unanimously rejected Ancora’s second unsolicited, non-binding proposal to acquire its Building Adhesive Solutions (“BAS”) business for between $1.2 billion and $1.4 billion in cash.
The Board determined that the modest offer price increase does not adequately capture the value of the BAS business, including its organic growth momentum, the significant role it plays within H.B. Fuller’s broader platform, and the upside inherent in it from Project Quantum Leap. The Board also considered that the offer continued to lack key details, leaving the Board to conclude the terms to be highly conditional.
H.B. Fuller’s Board continues to evaluate all opportunities to maximize value for all shareholders. To that end, the Company has determined it will conduct a market check involving select market segments and product lines that are less integral to its portfolio and strategy, with the intent to use any proceeds towards deleveraging. As part of this process, the Company will carefully consider the feasibility of separating certain market segments, including any stranded costs, tax implications, dis-synergies, and impact to execution of Project Quantum Leap.
H.B. Fuller expects to complete this market check by year end 2026.
About H.B. Fuller
As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com.
Investors:
Scott Jensen
investors@hbfuller.com
Media:
Nick Capuano / Liz Cohen
Kekst CNC
Keksthbfuller@kekstcnc.com
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Additional information about these various risks and uncertainties can be found in the “Risk Factors” section of our Form 10-K filings, and any updates to the risk factors in our Form 10-Q and 8-K filings with the SEC, but there may be other risks and uncertainties that we are unable to identify at this time or that we do not currently expect to have a material impact on the business. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.