Ancora raises proposed price for H.B. Fuller adhesives unit to as much as $1.4 billion

Ancora increased its proposed cash price for H.B. Fuller ($FUL)’s Building Adhesive Solutions business to between $1.2 billion and $1.4 billion. The shareholder and investment firm previously proposed $1.1 billion to $1.2 billion, an approach rejected by Fuller’s board. Ancora said it has obtained a “highly confident” letter from Fortress Investment Group concerning the debt financing required for the transaction.

The revised proposal creates a potential route to monetize a substantial operating segment and raise cash, but there is no announced sale agreement or acceptance by Fuller. A financing-confidence letter is also not equivalent to fully committed funding. Ancora’s valuation and strategic arguments are those of an interested bidder. Any transaction remains dependent on further discussions, approvals and definitive documentation; the top end of the range should not be treated as sale proceeds already secured.

Sources:

• Ancora statement via Business Wire
• Timestamped bidder-release reproduction