H.B. Fuller Board Unanimously Rejects Second Unsolicited, Non-Binding Proposal for Building Adhesive Solutions Segment

Announces market check for select market segments

ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (“H.B. Fuller” or “the Company”) (NYSE: FUL), the world’s largest pureplay adhesives company, today announced that following a thorough review supported by independent financial and legal advisors, its Board of Directors has unanimously rejected Ancora’s second unsolicited, non-binding proposal to acquire its Building Adhesive Solutions (“BAS”) business for between $1.2 billion and $1.4 billion in cash.

The Board determined that the modest offer price increase does not adequately capture the value of the BAS business, including its organic growth momentum, the significant role it plays within H.B. Fuller’s broader platform, and the upside inherent in it from Project Quantum Leap. The Board also considered that the offer continued to lack key details, leaving the Board to conclude the terms to be highly conditional.

H.B. Fuller’s Board continues to evaluate all opportunities to maximize value for all shareholders. To that end, the Company has determined it will conduct a market check involving select market segments and product lines that are less integral to its portfolio and strategy, with the intent to use any proceeds towards deleveraging. As part of this process, the Company will carefully consider the feasibility of separating certain market segments, including any stranded costs, tax implications, dis-synergies, and impact to execution of Project Quantum Leap.

H.B. Fuller expects to complete this market check by year end 2026.

About H.B. Fuller

As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com.

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