Ancora raises offer for H.B. Fuller's adhesive unit to up to $1.4 billion
FUL•Ancora is offering $1.2 billion to $1.4 billion in cash for H.B. Fuller's Building Adhesive Solutions business, saying it has obtained a letter from Fortress Investment Group on its ability to provide debt financing.
1. Revised cash offer
Ancora said it is offering between $1.2 billion and $1.4 billion in cash for H.B. Fuller's Building Adhesive Solutions business. The investor said its offer represents about 50% of H.B. Fuller's current equity value and accounts for around 20% of its consolidated revenue.
2. Earlier bid rejected
Ancora's previous offer of up to $1.2 billion was rejected by H.B. Fuller, which said the bid significantly undervalued the unit and its growth prospects and lacked details about Ancora's ability to execute the deal. Ancora said the rejection strengthened its case for board changes and claimed other parties were interested in the segment and the entire company.
