H.B. Fuller, the US adhesives manufacturer, has agreed a 285 pence-per-share cash offer for UK-listed wound-care company Advanced Medical Solutions (AMS), valuing the equity at approximately $628 million and the enterprise at £715 million. The AMS board supports the deal, which H.B. Fuller argues will expand its addressable market by $15 billion and generate $55 million in synergies by 2031. However, activist shareholder Ancora Holdings, owning over 2% of H.B. Fuller, is publicly opposing the acquisition, calling it a 'reckless pursuit' that would push leverage above four times net debt/EBITDA and venture into a medical category where H.B. Fuller has no experience. Ancora has threatened a proxy fight if the board proceeds. A UK Takeover Code deadline of July 2 will determine whether a firm offer is announced.
