H.B. Fuller (NYSE:FUL) today issued the following statement:

"Our Board and management team value the feedback of all shareholders and regularly engage with and listen to a diverse range of perspectives shared with the Company, as we have with Ancora.

The H.B. Fuller management team is successfully executing on our stated strategy to reposition the business into a faster-growing and higher margin specialty adhesives player. Our team's strong operational execution combined with a disciplined M&A strategy are how we will achieve our goals of greater than 20% adjusted EBITDA margins, low-teens ROIC and strong cash flow conversion.

H.B. Fuller has a demonstrated track record of thoughtful and disciplined M&A. We operate in a highly fragmented market, which enables us to prudently acquire assets that enhance our scale, accelerate our evolution to higher growth and position us to quickly de-lever post-acquisition.

Since the beginning of 2023, H.B. Fuller has successfully executed 13 acquisitions, which, collectively, have resulted in significant adjusted EBITDA growth and margin expansion through synergy capture, as outlined during our October 2025 Investor Day. For example, in the U.K. alone, we have acquired four businesses since 2022, representing $30 million of acquired adjusted EBITDA with approximately 13% adjusted EBITDA margins. Through delivery of synergies, we have collectively grown those businesses to more than $60 million in adjusted EBITDA with more than 23% adjusted EBITDA margins in three years.

We have pursued this M&A strategy while balancing other capital allocation priorities. To that end, we have been methodically deleveraging our balance sheet over the past several years, including reducing our net debt to adjusted EBITDA ratio to 3.1x at the end of the first quarter versus 3.5x in the same period last year.

H.B. Fuller remains open to assessing any and all paths to value creation and we are committed to both extremely disciplined M&A and deleveraging. Our recent disclosure regarding Advanced Medical Solutions Group plc ("AMS") was required by the U.K. Takeover Code. We are engaged in discussions with AMS but there can be no certainty that a binding offer will be made. We will evaluate this transaction with the same rigor and care that we have applied to all of the other transactions that we have considered.

We look forward to continued constructive conversations with our shareholders regarding our strategy and opportunities for value creation."