H.B. Fuller nears a $628 million deal for UK wound-care maker AMS, over its own investor’s objections

The US adhesives group has agreed a 285 pence-a-share cash offer for Advanced Medical Solutions, even as an activist shareholder demands it abandon the pursuit.

H.B. Fuller, the St Paul, Minnesota adhesives maker, is closing in on a takeover of Advanced Medical Solutions Group, the AIM-listed British maker of wound-care and surgical-glue products, in a cash deal that values the target’s equity at roughly $628 million.

The offer has the backing of the AMS board and the active opposition of one of H.B. Fuller’s own large shareholders, an unusual position from which to attempt a cross-border acquisition.

The terms put the price at 285 pence a share. That works out at around £627 million for the equity, the figure Bloomberg rendered as $628 million on June 25, and at a total enterprise value of about £715 million once AMS’s debt is folded in, according to the offer terms.

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