Daily Recap: BMBL, SYNA/ON, WBD/PSKY, FUL, OMC, ADBE

Research evidence excerpt

Daily Recap: BMBL, SYNA/ON, WBD/PSKY, FUL, OMC, ADBE

H.B. Fuller & Co. (FUL - $61.95)

Ancora Condemns Board for Proceeding With the £715 Million Acquisition Despite Shareholder

Opposition; Threatens Proxy Accountability. Recall from our prior coverage: Ancora Holdings (~2%

stake in FUL) first publicly opposed FUL's proposed acquisition of LSE-listed Advanced Medical

Solutions Group plc (AMS) in May 2026, citing excessive leverage and a direct contradiction of

management's stated commitment to share repurchases and deleveraging made ~90 days prior.

Despite that opposition, FUL announced a recommended all-cash offer for AMS at £2.85/share (~

£715M EV, +35% premium to unaffected price) on June 24, 2026. In today's statement, Ancora

Chairman/CEO Fred DiSanto and Alternatives President James Chadwick condemned the 2:10 AM

ET press release timing as a deliberate attempt to soften market blowback, characterize the deal

as an "entrenchment maneuver," and specifically name three directors up for election next year

(Kimmelshue, Handley, and Zaheer) as having supported the transaction. (Press Release)

TRADING VIEW: Ancora's response escalates this from a deal-opposition letter to an explicit proxy

campaign preview. The specific naming of three directors (all slated for election next year) and

the "entrenchment maneuver" framing signals Ancora is building a shareholder record ahead of a

formal slate or withhold campaign. The 2:10 AM release is genuinely unusual and gives Ancora a

legitimate talking point on process integrity; hard for FUL management to defend. Readthroughs:

Avery Dennison Corp. (AVY) and Illinois Tool Works Inc. (ITW) as specialty adhesives/industrial

comparables that could benefit from FUL value-surfacing pressure. The key question is whether