H.B. Fuller Co. (NYSE:FUL) shares were unchanged in Monday's pre-market trading after the company's board rejected an unsolicited offer from Ancora Holdings Group worth up to $1.2 billion for its Building Adhesive Solutions business, according to Bloomberg, citing people familiar with the matter.
The board determined that Ancora's proposal materially undervalued the division and failed to adequately reflect its future growth prospects, the people said.
Directors also reportedly concluded that the bid did not recognise the strategic importance of Building Adhesive Solutions within H.B. Fuller's wider adhesives portfolio and lacked sufficient information from Ancora to constitute an actionable proposal.
Ancora responded strongly to the board's decision, arguing that H.B. Fuller dismissed its proposal without engaging with the investment firm.
An Ancora spokesperson told Bloomberg that rejecting the offer without discussions was "irrational" and reinforced the CEO and board's "proclivity for entrenchment."
#proposal #building
The board determined that Ancora's proposal materially undervalued the division and failed to adequately reflect its future growth prospects, the people said.
Directors also reportedly concluded that the bid did not recognise the strategic importance of Building Adhesive Solutions within H.B. Fuller's wider adhesives portfolio and lacked sufficient information from Ancora to constitute an actionable proposal.
Ancora responded strongly to the board's decision, arguing that H.B. Fuller dismissed its proposal without engaging with the investment firm.
An Ancora spokesperson told Bloomberg that rejecting the offer without discussions was "irrational" and reinforced the CEO and board's "proclivity for entrenchment."
#proposal #building
8 days ago
