H.B. Fuller's board unanimously rejected activist investor Ancora Holdings Group's unsolicited proposal, stating the offer "significantly undervalues" BAS, is "substantially below precedent transactions," and ignores the unit's growth prospects. The company also noted that a carve-out would create "significant dis-synergies" as BAS shares manufacturing operations across more than 30 plants worldwide, and Ancora's proposal "lacks key details needed to demonstrate" its ability to execute the deal. Ancora's activist campaign against H.B. Fuller began in May.