Ancora reportedly raises offer for H.B. Fuller's adhesive unit to up to $1.4 billion
FUL•Ancora is reportedly offering $1.2 billion to $1.4 billion in cash for H.B. Fuller's Building Adhesive Solutions business, raising the upper end of its earlier proposal by $200 million.
1. Higher cash offer
Ancora Holdings is now offering as much as $1.4 billion in cash for H.B. Fuller's Building Adhesive Solutions business. The reported range is $1.2 billion to $1.4 billion, up from an earlier proposal capped at $1.2 billion.
2. Earlier rejection
H.B. Fuller rejected the earlier offer, arguing that it significantly undervalued the unit and its growth prospects and lacked key details about Ancora's ability to execute the deal. Ancora criticized the rejection, saying it strengthened its case for board changes and claiming other parties were interested in the business and the entire company.
3. Board pressure
At the time of its previous offer, Ancora was also considering a proxy fight to gain control of the chemical company's board. The investor had pushed chemical maker Ashland to pursue a sale.
