Recommended offer; fair but not a knock-out price

研报英文原文证据摘录

Recommended offer; fair but not a knock-out price

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Advanced Medical 25 June 2026

Solutions Group PLC

Europe Reuters Bloomberg Rating Buy

United Kingdom AMSU.L AMS LN Price target (GBX) 275 Price at 24 Jun 26 240

52-week range 265 – 191

Healthcare & Medical

Devices Valuation & Risks

Facilities & Services

Recommended offer; fair but not a knock-out

price KaneResearchSlutzkin,AnalystCFA

+44-20-754-54624

Summary

H.B. Fuller has agreed a recommended all-cash acquisition of AMS at

285p/share, valuing the equity at ~£659m (EV ~£715m) and implying premia of

~35–39% to undisturbed trading levels. While the strategic logic is compelling

and execution risk looks manageable, the offer itself appears reasonable rather

than obviously full (at ~13x EV/EBITDA), despite substantial synergies. While

some investors may argue for a higher price given the strategic rationale and

synergy potential, AMS has been through multiple strategic processes without a

superior proposal emerging. Combined with the credibility of H.B. Fuller as a

buyer and the certainty of cash, this in our view increases the likelihood that

shareholders ultimately support the recommended transaction.

Key investor debates:

• Transformation, not a bolt-on: AMS is positioned as a transformational

acquisition for H.B. Fuller, broadening its healthcare platform beyond

adhesives through differentiated tissue-healing technologies. Targeting

synergies of ~$55m by 2031; ~100bps margin uplift within two years.

• Why not a 3-handle? The offer appears fair and executable but, in our

view, may not fully capture longer-term strategic optionality or the value

of quantified synergies available to H.B Fuller. A broader medtech sector