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H.B. Fuller Faces a Potential Takeover Battle as Ancora Demands a Strategic Review — Could the Entire Company Be Sold?

H.B. Fuller faces mounting pressure from activist investor Ancora Holdings Group, which has demanded a comprehensive strategic review that could include selling the entire adhesives manufacturer. The confrontation escalated on October 27, 2026, after H.B. Fuller’s board rejected Ancora’s revised $1.2 billion–$1.4 billion cash proposal for its Building Adhesive Solutions (BAS) division. Ancora, which previously offered $1.1 billion–$1.2 billion, argues that the company suffers from excessive leverage, disappointing shareholder returns, and inadequate corporate governance. The activist has also indicated that it could consider bidding for H.B. Fuller outright. Management maintains that BAS is worth considerably more than Ancora’s proposal suggests and has instead announced plans to explore divesting selected noncore businesses to reduce debt. With H.B.