H.B. Fuller Company has unanimously rejected a second unsolicited, cash offer from Ancora to buy its Building Adhesive Solutions (BAS) business for $1.2 billion to $1.4 billion. The decision by the world’s largest pure-play adhesives company followed a comprehensive review conducted with independent financial and legal advisors.

The Board rejected the slightly improved offer, ruling it too low to capture the true value of the BAS business. They noted that the price overlooks BAS's organic growth, its critical role in H.B. Fuller's overall platform, and the future value tied to Project Quantum Leap. Additionally, the Board found the terms highly conditional due to a persistent lack of key details.

H.B. Fuller’s Board is exploring ways to maximize shareholder value by reviewing non-core assets for potential sale, with proceeds aimed at reducing debt. As part of this strategic market check, the Company will evaluate selling select market segments and product lines. This review will carefully weigh key financial and operational impacts, including tax implications, stranded costs, potential dis-synergies, and any effects on the execution of Project Quantum Leap.