𝐖𝐨𝐫𝐥𝐝'𝐬 𝐋𝐚𝐫𝐠𝐞𝐬𝐭 𝐀𝐝𝐡𝐞𝐬𝐢𝐯𝐞𝐬 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 𝐁𝐮𝐲𝐬 𝐈𝐧𝐭𝐨 𝐌𝐞𝐝𝐭𝐞𝐜𝐡 𝐖𝐢𝐭𝐡 $𝟗𝟒𝟐𝐌 𝐀𝐌𝐒 𝐃𝐞𝐚𝐥

H.B. Fuller, the largest adhesives company in the world, has made an offer to acquire Advanced Medical Solutions Group for $942 million in cash.

Following the offer, shares of AMS, a British-based supplier, rose as much as 16.5% to reach their highest levels since February 2023.

AMS’ board has unanimously recommended the deal to its shareholders, and it is expected to close by the end of 2026 subject to regulatory approvals. 

Some board members of Minnesota-based H.B. Fuller have not been as excited about the potential transaction. 

Ancora, an activist investor in H.B. Fuller, has criticized the board for “ignoring ⁠shareholder concerns,” saying it will hold the board accountable for its "value destruction driven by entrenchment.

In May, Ancora encouraged H.B. Fuller to end its pursuit to acquire AMS. 

“Advanced Medical Solutions has built an exceptional business as a differentiated formulator with an innovation-led platform, an outstanding product suite, impressive R&D capabilities, and a global commercial footprint with supporting regulatory expertise.

“The transaction is expected to result in significant revenue and cost synergies, and accelerate our transformation into a higher-growth, higher-margin business. We remain committed to disciplined and balanced capital allocation and believe that the continued up-tiering of our portfolio, as well as the other steps we are taking to improve our cost structure and cash flow profile, will allow for robust de-leveraging post-acquisition."

Under the financial terms of the acquisition, AMS shareholders will receive £2.85 per share held in cash, which implies a total enterprise value of £715 million. 

The acquisition will extend H.B. Fuller’s capabilities across tissue bonding adhesives, tapes and dressings and formulated biosurgicals, and through the acquisition, the company’s TAM is expected to increase by $15 billion to $95 billion.

Since 2023, the H.B. Fuller has continued its expansion into attractive growth verticals by acquiring and integrating 11 companies. 

By the end of 2025, H.B. Fuller increased EBITDA by 55% and EBITDA margins by over 1,000 basis points across this portfolio of acquired businesses.

H.B. Fuller also recently delivered strong second-quarter results, with adjusted EBITDA of $181 million, up 9% year-over-year, and adjusted earnings per share of $1.41, a 19% increase compared to the same quarter in 2025. 

Mastin said the company "executed very well in the second quarter, delivering strong year-on-year revenue, EBITDA and EPS growth with results above the midpoint of our EBITDA guidance range." 

The company raised its full-year outlook, now expecting adjusted EBITDA in the range of $650 million to $675 million and adjusted EPS between $4.60 and $4.90.

source : mddionline