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.
The two figures describe the same deal from different angles, equity versus enterprise; the gap between the headline $628 million and the larger pound number is debt and currency, not a markdown.The 💜 of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
