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H.B. Fuller Buyout Battle: Why Ancora Is Offering Up To $1.2 Billion!

H.B. Fuller has become the center of a fresh portfolio debate after confirming that Ancora Holdings submitted an unsolicited proposal to acquire its Building Adhesive Solutions business for $1.1 billion to $1.2 billion in cash. The proposal marks a significant escalation in Ancora’s activist campaign and arrives while H.B. Fuller is pursuing its planned acquisition of Advanced Medical Solutions, a transaction designed to push the company further into higher-growth, higher-margin medical markets. Importantly, H.B. Fuller has confirmed receipt of the BAS proposal, but it has not agreed to sell the business or entered into a definitive transaction. The timing is notable because BAS has recently been one of the company’s stronger operating segments, with second-quarter 2026 organic sales up 6% year over year and EBITDA rising 10%. That combination of healthy operating momentum, specialized construction exposure, and potentially valuable cash proceeds helps explain why the segment could attract Ancora’s interest.