James Chadwick

Ancora's proposed purchase of H.B. Fuller's building adhesives unit would inject about $1 billion of cash and directly address the company's post-AMS leverage problem of over 4x leverage and more than $3 billion in net debt. It would also let management focus on integrating the higher-growth AMS acquisition and remove a lower-margin, lower-growth segment. If H.B. Fuller's board does not engage, Ancora is prepared to run a broader activist campaign and push strategic alternatives, which Chadwick frames as value-maximizing for shareholders.