Ancora presses H.B. Fuller board for strategic review

Activist investor Ancora Holdings Group has publicly called on the board of H.B. Fuller, a US specialty adhesives maker, to review strategic alternatives, alleging value-destructive decisions by management. Ancora said it had privately offered to acquire H.B. Fuller's Building Adhesive Solutions segment for cash worth over 40% of the company's current equity value, an offer that was rejected, and it flagged a debt-increasing overseas acquisition and the company's classified board structure.

Why this mattersA forced portfolio review or divestment at a major adhesives supplier could reshape sourcing dynamics and consolidation across the materials tier that packaging converters depend on.

• Ancora Holdings Group sent a public letter dated 24 September 2026 to H.B. Fuller's board demanding a strategic review
• Ancora said it had offered to buy H.B. Fuller's Building Adhesive Solutions segment for cash worth more than 40% of the company's current equity value, an offer it said was rejected
• Ancora cited a roughly 40% stock performance gap between Ashland and H.B. Fuller since 15 May 2026, sourced from FactSet
• Ancora criticised H.B. Fuller's classified board and an overseas acquisition it said increased debt load
• Ancora said it expects H.B. Fuller may offer limited concessions such as non-renomination of long-tenured directors in 2027 or phased board declassification
• Ancora reached a cooperation agreement with Ashland within about one month of engagement, adding two directors to that board

Relevant to you? Yes No