According to H.B. Fuller, the board determined that the proposal’s modest increase in price did not adequately reflect the value of the Building Adhesive Solutions business. The company cited the segment’s organic growth momentum, its role within H.B. Fuller’s broader platform and potential upside associated with Project Quantum Leap.

The board also determined that the latest offer continued to lack key details and remained highly conditional.

While rejecting the proposal for the entire business, H.B. Fuller said it will conduct a market check involving select market segments and product lines that it considers less integral to its portfolio and strategy. The company intends to use proceeds from any resulting transactions toward deleveraging.

As part of the process, H.B. Fuller said it will evaluate the feasibility of separating individual market segments, including potential stranded costs, tax implications, dis-synergies and effects on the execution of Project Quantum Leap.

The company expects to complete the market check by the end of 2026.

The announcement represents a potential portfolio shift for H.B. Fuller even though the board has rejected Ancora’s broader proposal. H.B. Fuller describes itself as the world’s largest pure-play adhesives company and supplies adhesives, sealants and functional coatings across more than 30 market segments. The company reported 2025 revenue of $3.5 billion and employs more than 7,100 people serving customers in 150 countries.

H.B. Fuller said its board will continue evaluating opportunities intended to maximize shareholder value.

H.B. Fuller is a major supplier to the CASE market, making its review of potential portfolio divestitures relevant to coatings, adhesives and sealants manufacturers watching consolidation, supplier strategy and changes that could affect product portfolios and customer relationships.