finance.yahoo.com

H.B. Fuller Rejects Ancora Offer for BAS Valued Up to $1.2 Billion

H.B. Fuller logoH.B. Fuller
Sig2.70Sen+1.40Env0.00Soc0.00Gov+0.60

H.B. Fuller says its board unanimously rejected activist Ancora Holdings’ unsolicited plan to buy its Building Adhesives Solutions unit for $1.1 billion to $1.2 billion. Fuller cites BAS’s 6% organic Q2 growth and warns a carve-out across more than 30 plants would create major dis-synergies. The company expects BAS to become a key earnings driver as construction and data-center demand recover.

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