What is Ancora Holdings Group's main objection to HB Fuller's proposed acquisition of Advanced Medical Solutions?

Ancora Holdings Group describes HB Fuller's £715 million acquisition proposal as 'so ill-conceived, it resembled a poison pill' and accuses the board and management of 'value destruction driven by entrenchment,' asserting that misaligned and self-interested leadership is putting HB Fuller’s valuable assets at risk.

What strategic rationale does HB Fuller provide for acquiring Advanced Medical Solutions, and what financial impact does it expect?

HB Fuller states the medical industry is a core strategic growth market due to high entry barriers, large margins, and durable demand; it highlights AMS’s strengths in surgical adhesives, innovation-led platform, R&D capabilities, global commercial footprint, and regulatory expertise. The company expects the deal to increase its total addressable market from $80 billion to $95 billion, add ~$300 million in annual revenue, generate ~$55 million in run-rate synergies by 2031, and enable rapid deleveraging to a target leverage ratio of 2.5–3.0x EBITDA within two years.

Firm renews threat of proxy fight over HB Fuller’s offer to buy AMS

Jun 25, 2026

Ancora Holdings renewed its proxy fight threat against HB Fuller over the £715 million acquisition of Advanced Medical Solutions (AMS). HB Fuller aims to expand into medical adhesives, though investors criticize the deal as value-destructive entrenchment.

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