Advanced Medical Solutions Group plc

H.B. Fuller Company announced that shareholders of Advanced Medical Solutions Group plc approved its proposed acquisition of AMS at specially convened meetings held on August 12, 2026. The approval follows the agreement on the terms of a recommended cash acquisition previously announced by the companies on June 25, 2026. The transaction is expected to close by the end of the calendar year, subject to satisfaction or waiver of the remaining conditions set forth in the transaction documents. H.B. Fuller, the world's largest pureplay adhesives company, reported 2025 revenue of $3.5 billion.

H.B. Fuller is advancing its specialty materials strategy through deeper medical market exposure, strong aerospace and electronics demand, and pricing actions that offset inflation. The proposed acquisition of Advanced Medical Solutions would expand its total addressable market by $15 billion to $95 billion and supports a goal of exceeding 20% adjusted EBITDA margin by 2028. In Engineering Adhesives, organic growth was roughly 5% excluding the solar exit, with aerospace up 30% and electronics and general industries posting double-digit gains. Pricing increased net revenues by 3% in the fiscal second quarter, helping lift adjusted gross margin 200 basis points to 34.2% and adjusted EBITDA 9% to $181 million. However, volume remains a constraint, with flexible packaging soft, automotive down mid-single digits, and management guiding for low- to mid-single-digit volume declines in the second half. Shares have lost 7.2% year-to-date against a 15.7% rise for the industry.

Ancora Holdings Group condemned H.B. Fuller’s decision to proceed with the acquisition of Advanced Medical Solutions despite shareholder opposition. Ancora stated that the Board and management chose entrenchment over value creation, noting that leadership had publicly committed to focusing on share repurchases and deleveraging only about 90 days ago. The activist investor criticized the timing of the acquisition announcement, which was issued at 2:10 AM Eastern Daylight Time, and argued that the deal benefits AMS shareholders at the expense of H.B. Fuller’s long-suffering investors. Ancora intends to hold the Board and management accountable and remains focused on realizing the value of H.B. Fuller.

U.S. adhesives manufacturer H.B. Fuller agreed to buy British medical supplier Advanced Medical Solutions in a cash deal valuing the company at around £715 million including debt. H.B. Fuller will pay 285 pence per share, a 35% premium to AMS's closing price on May 20, the day before the offer period began. AMS shares rose 15.9% to 278.16 pence on Thursday, their highest level since February 2023. The deal, expected to close by the end of 2026, is projected to generate around $55 million in annual run-rate synergies by 2031. AMS's board unanimously recommended the offer to shareholders.