Jim Chadwick

H.B. Fuller is undervalued, trading at a significant discount to its intrinsic value and to peers, with strong private equity interest. Management's proposed acquisition of AMS is value-destructive, levering up the balance sheet to buy at a high multiple. The company should pursue a strategic review or outright sale to maximize shareholder value.

Chadwick calls the

Ancora has a growing stake in Warner Brothers and believes the board is currently favoring an inferior, conditional deal (Netflix) while rebuffing a superior all-cash/certain offer from Paramount. Activist pressure (including a potential proxy fight) will force the board to negotiate with Paramount, unlocking a higher bid ("enhanced offer") and avoiding the regulatory pitfalls of the Netflix deal. LONG (Activist Target / M&A Play). Regulatory blocking of any deal; Board entrenchment accepting the lower-value Netflix bid; Deal financing falling through.