H.B. Fuller Board Rejects Ancora's $1.1-1.2 Billion Bid for Building Adhesives Unit

H.B. Fuller on Monday rejected an unsolicited, non-binding proposal from activist investor Ancora Holdings Group to acquire the company's Building Adhesives Solutions business for between $1.1 billion and $1.2 billion. Ancora, which holds a stake of more than 2% in H.B.

Fuller, had privately approached CEO Celeste Mastin and Board Chair Teresa Rasmussen about the proposal on July 7, 2026, and made its interest public after receiving no substantive response over five weeks. Shares of H.B. Fuller were little changed following the announcement, reflecting the market's muted reaction to the board's decision.

The rejection comes amid broader activist pressure on H.B. Fuller: fellow activist Engine Capital separately urged the board to run a parallel market check for both the BAS unit and the company as a whole, arguing the board should test whether Ancora's offer represents full and fair value and compare a unit sale against a sale of the entire company. Ancora had previously pushed H.B.

Fuller to abandon its June acquisition of UK-based Advanced Medical Solutions Group and instead pursue a full strategic review.