Ancora Releases Letter Regarding its Strong Opposition to H.B. Fuller’s High-Risk Attempt to Acquire U.K.-Based Advanced Medical Solutions
Activist investor Ancora Holdings Group released a public letter strongly opposing H.B. Fuller’s proposed acquisition of Advanced Medical Solutions (AMS). Ancora argues the deal contradicts management’s recent commitment to deleveraging, would push net debt to EBITDA above 4.0x, and introduces excessive integration risk in a foreign regulatory environment.
Key figures
- Target leverage
- 2.5x-3.0x
- Proposed leverage
- >4.0x
- Fuler tsr under ceo
- -25%
- Ams implied multiple
- 11x-12x EBITDA
- Ancora ownership pct
- >2%
- Fuler trading multiple
- 7.5x EBITDA
AI analysis
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