Ankora plans to acquire H.B. Fuller’s construction adhesives business for USD 1.1‑1.2 billion.

News on August 12, 2026: Activist investment firm Ancora Holdings Group has formally submitted a proposal to acquire the Construction Adhesives Solutions business unit of U.S. adhesive company H.B. Fuller for $1.1 billion to $1.2 billion in cash, as the tug-of-war between the two parties regarding asset disposal and corporate strategy continues to escalate.

Public records show that Ancora Holdings currently holds more than 2% of H.B. Fuller's shares. Previously, Ancora had publicly opposed H.B. Fuller's negotiations regarding the acquisition of UK medical consumables company Advanced Medical Solutions Group PLC (AMS).

In a proposal letter sent to the H.B. Fuller Board of Directors on August 12, Ancora outlined the rationale behind the transaction. Ancora suggested that divesting the Construction Adhesives Solutions business would accelerate H.B. Fuller's deleveraging process, allowing management to focus resources on integrating the AMS business and implementing cost optimization and production efficiency improvement plans. Ancora believes that the Construction Adhesives Solutions business has lower profit margins and operates in a highly fragmented market; selling this segment for all cash would streamline H.B. Fuller's business portfolio and align with the company's long-term strategic shift towards the specialty adhesives sector, which offers faster growth and higher profitability.

Public operating data reveals that after divesting flooring-related assets in early fiscal year 2025, H.B. Fuller consolidated its construction and building assets to establish the Construction Adhesives Solutions business unit. In fiscal year 2025, the segment generated approximately $860 million in net revenue and achieved adjusted EBITDA of $134 million.

Ancora revealed that since H.B. Fuller disclosed its plan to acquire AMS, the firm had proactively reached out to H.B. Fuller President and CEO Celeste Mastin and Board Chair Theresa Rasmussen in early July of this year to explore the possibility of spinning off the Construction Adhesives Solutions business. However, as of the formal submission of the written proposal, they had not yet received a response from the company.

Regarding this acquisition proposal, H.B. Fuller confirmed on the same day that it had received the unsolicited offer. The company stated that although Ancora had previously only expressed verbal interest in the business, this letter marks the first formal acquisition offer submitted by the party.

H.B. Fuller officially stated that its management and the Board will continue to review the business portfolio to maximize shareholder value. Based on this principle, the Board, together with financial and legal advisors, will conduct a prudent evaluation of this acquisition offer.

As of now, the two parties have not initiated due diligence regarding this potential transaction, and there remains significant uncertainty as to whether the transaction will be completed.