H.B. Fuller Company's board has unanimously rejected activist investor Ancora Holdings Group's unsolicited proposal to acquire its Building Adhesives Solutions (BAS) business for between $1.1 billion and $1.2 billion, saying the offer significantly undervalues the unit and is substantially below precedent transactions. The board noted that BAS delivered 6% organic growth year over year in the second quarter and argued that a carve-out would create significant dis-synergies because BAS shares manufacturing operations with the company's other businesses across more than 30 plants worldwide. Ancora's activist campaign, which began in May, initially opposed H.B. Fuller's acquisition of UK-based Advanced Medical Solutions Group. The board also stated that Ancora's proposal lacks key details needed to demonstrate its ability to execute the deal.
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Alphabet Inc Class CH B Fuller CompanyBoard unanimously rejected Ancora's $1.1-1.2B unsolicited bid for the BAS unit, saying it significantly undervalues the business.
Advanced Medical Solutions Group plc