Advanced Medical Solutions Group Share Chat (AMS)

I guess the change to "hold" by DB mentioned by @dartron simply reflects the (disappointing) reality that this is gonna go through at 285p so may as well hang on for that extra 5p. I agree with @Kendall12 it should be north of 320p. It's an absolute steal at 285p and HB Fuller are going to quickly reap the rewards that many of us have been patiently waiting for as newer AMS products take off.

Definitely.forecast profit over 40 million next year.just as its started to get going after all these years sold abroad

Absolute nonsense - worth north of £3.20 and thats why Fuller is trying to bag a bargain. Look at Fullers numbers for teh deal - its cheap on all fronts.

It’s no way near worth £3.50. Even at £2.80 is over priced

Interesting...Deutsche Bank cuts Advanced Medical Solutions to 'hold' (buy) - price target 275 pence

im totally out now. AMS was a share I could have held for the long term. Hey-ho, time to find another AMS.

You're never gonna get more than £2-3 for this share. The UK stockmarket is dead. It's a buyer's market. This feels much like a "take it or leave it" kind of offer.

Safaniya made

The annualised return (IRR/CAGR, assuming no additional purchases or dividends) is:

(7.3

285)

1/25

−1≈15.8% per year

So his return is approximately 15.8% p.a. before dividends.

That's an outstanding result over a quarter of a century. And if the company paid meaningful dividends along the way, his true IRR would be even higher—potentially comfortably into the 16–17%+ range depending on the dividend stream and whether those dividends were reinvested.

A 39× capital gain is the sort of investment that can quietly make a portfolio over the long run.

I've made a reasonable (but not spectacular) return on AMS in the 15+ years I've held it. I feel 285p undervalues AMS; the 35% premium (although typical) is based on a dip in the overall market and the specific issue of UK firms being unpopular/undervalued. Would have liked to have seen an offer in excess of 300p+; after all, my last disposal was at 325p way back in 2017.

I’m going to be a bit sorry to see this one go, I’ve held them for probably 25yrs having paid just 7.3p a share when I was first dabbing in the stock market. Heyho well done everyone

Thanks Kendall, at AMS one bidder walked (PE) possibly because there was another bidder HB Fuller. So that could be the case at Gama.

I am still in Gama and SPI, might look at IPO as another target.

Due to London South #east's limit on the number of characters, some of the text at the end of my comment at 00:13 today got chopped. The full H. B. Fuller second quarter results announcement is at:

https://newsroom.hbfuller.com/press-releases/press-release-details/2026/H-B--Fuller-Reports-Second-Quarter-2026-Results/default.aspx

RECENT AMS SHARE PERFORMANCE ...

... has been much better than I expected, especially bearing in mind that during an "Offer Period" it's common for a target company's share price to fall in the absence of substantive news about any fomal offer. In the circumstances, Tuesday's rise of 13.5p was phenomenal. This is how AMS shares have performed since Thursday:

- Thursday 18 June: Just before the announcement of the two week extenstion to the put-up-or-shut-up ("PUSE") deadline, AMS was trading at 220.0 to 220.5. Within a minute of the announcement there was an immediate surge in transactions, particularly buys. There were a few buys at 224, 224.5 and 225, then it traded at about 222 until about 2:30 pm. After that, it started rising and closed up 1 at 228.

- Friday 19 June: Closed up 7 at 235.

- Monday 22 June: Closed down 2.5 at 231.5.

- Tuesday 23 June: Closed up 13.5 at 245; AMS was the biggest riser on AIM.

- Wednesday 25 June: Closed down 5 at 240.

Four large trades were reported after the close:

(1) 250,000 shares at 240p at 4:06 pm when it seems the spread was 239.5 to 240.5 so I can't say whether this was a sell or a buy.

(2) 300,000 shares at 240p at 4:09 pm when the spread was 239 to 239.5 or 239 to 240 so it's likely to have been a buy.

(3) 419,541 shares at 239.5p at 1:14 pm when it seems the spread was 239.5 to 240 so looks like it was a sale.

(4) Another trade involving 419,541 shares at 239.5p at 1:14 pm which also looks like a sale.

HB FULLER SECOND QUARTER RESULTS

As anticipated in my comment on 22 June HB Fuller, the possible bidder, reported their 2026 second quarter results to 30 May 2026 after the NYSE closed yesterday evening.

Adjusted EBITDA of $181 million (up 9% on last year), adjusted EBITDA margin of 19.1% (up 70 basis points year-on-year) and record second quarter operating cash flow ($121 million dollars, up about 10% year-on-year).

Net debt at the end of the second quarter of fiscal 2026 was $1,958 million, down $58 million year-on-year. Net debt-to-adjusted EBITDA was 3.1X, down from 3.4X at the end of the second quarter of fiscal 2025.

AMS supported the request to postpone the PUSU deadline. These good results improve HB Fuller's prospects of getting funding on favourable terms to finance an AMS takeover. Maybe this effect on funding was a factor in seeking the postponement of the PUSU until after today's results announcement. If so, it suggests that the AMS board supports a formal takeover bid at a price which has been agreed.

These results will help HB Fuller to resist the call from activist shareholder Ancora (who hold only about 2% of shares) to drop its pursuit of AMS and to conduct a full strategic review including the possibility of selling all or parts of its business.

The full results announcement is at:

https://newsroom.hbfuller.com/press-releases/press-release-details/2026/H-B--Fuller-Reports-Second-Quarter-202

PUSU DEADLINE EXTENSION

My view is that the announcement at 1 pm last Thursday (18 June) of a two-week extension to the "Offer Period", i.e. H.B. Fuller's put-up-or-shut-up ("PUSU") deadline. The annoucement said that discussions between the parties remain ongoing. I'm sure that H.B. Fuller and AMS are heavily engaged in serious takeover negotiations so the news of the extension was a very positive development.

As I said here on 27 May, H.B. Fuller's advisors are Goldman Sachs and Perella Weinberg Partners who are at the top of their game. Taking this and everything else into accout, my view is that the probability of a formal takeover offer is now significantly more than 50/50. Accordingly, I'm not going to sell my AMS shares before the new 2nd July PUSU deadline.

Just before last Thursday's announcement AMS shares were trading at 220.0 to 220.5. Within a minute of the announcement there was an immediate surge in share transactions, particularly buys. There were a few buy transactions at 224, 224.5 and 225, then they traded at about 222 until about 2:30 pm. After that, they started rising and they closed up 1 at 228. The following day, Friday, they closed up 7 at 235.

During an "Offer Period" it's common for the share price of a target company to fall in the absence of substantive news about any fomal offer. Accordingly, I expect the AMS share price to go into reverse until nearer the new PUSU deadline which is 5 pm on Thursday 2 July. Indeed, today AMS closed down 3.5 at 231.5.

It's quite possible that an announcement of a formal offer, or an announcement that HB Fuller have decided to pull out, might be made at any time before the new 2nd July deadline.

H.B. FULLER SECOND QUARTER RESULTS

The possible bidder, H.B. Fuller, reports their 2026 second quarter results this Wednesday, 24 June 2026 - see their website at: https://newsroom.hbfuller.com/press-releases/press-release-details/2026/H-B--Fuller-to-Report-Second-Quarter-2026-Results-on-June-24-2026/default.aspx

mmm

I have never before held a company share that seems constantly to be subjected to takeover speculation which comes to naught as the potential offer places a low valuation in relation to the sp excluding any bid.. It is becoming boring and repetitive ?

Disclosed shorts have covered substantially.

Let’s see if the Sky or betaville fellows dig out more over the weekend.

Medication is readily available for the runs.

I can understand your displeasure in me making a huge turn on Spire but please, others don't wish to hear or need to hear about it. Stick to the topic.

The idiot clown is back. The clown who gets Spire and every special situation wrong. Run guys, run. What an idiot.

What a load of old tosh

The opportunity here is that earnings could grow strongly going into next year, accretion is the crux here for buyers. Large caps prefer bolt on deals over large risky deals in medtech. And AMS is a stable grower at high margins with barely any net debt and a very low valuation imo. Great setup.

My guess only a US large cap is coming over the top of HB and may pay 315p per share. Let’s see.

Try ChatGPT, Copilot , Maude - they will provide lists of companies to keep you busy.

Try focusing on why any company would want to buy AMS, other than because its cheap and there might just be good reason for that.

I would more inclined to short this from here but I don't play that game.

More drivel - other interested parties, and there is nothing to suggest there are any at the moment don't need time, courtesy of a PUSU extension to enter the bidding process.

If you have serious interest you contact the Board at any time of your choosing.

That’s very good news, also gives other interested parties time to enter the bidding process.

18 June 2026

Advanced Medical Solutions Group plc

("AMS" or the "Company")

Extension of PUSU deadline

On 21 May 2026, the Board of AMS announced that it was in discussions with H.B. Fuller Company ("H.B. Fuller") regarding a possible cash offer for the entire issued and to be issued share capital of AMS.

The announcement stated that H.B. Fuller was required, by no later than 5.00 p.m. (London time) on 18 June 2026 (the "PUSU Deadline"), to either announce a firm intention to make an offer for AMS in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.

Discussions between the parties remain ongoing. Accordingly, the Board of AMS has requested and the Panel on Takeovers and Mergers (the "Takeover Panel") have consented to an extension of the PUSU Deadline.

Consequently, in accordance with Rule 2.6(c) of the Code, H.B. Fuller is now required, by no later than 5.00 p.m. (London time) on 2 July 2026, to either announce a firm intention to make an offer for AMS in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Takeover Panel, in accordance with Rule 2.6(c) of the Code.

There can be no certainty that an offer will be made, nor as to the terms at which a firm offer might be made.

A further announcement will be made when appropriate. In the meantime, the Board of AMS advises shareholders to take no action.

TSE68 and IRONKNUT -

I thank TSE68 for your comment at 17:51 yesterday answering the question in my comment at 17:46 yesterday concerning IRONKNUT's comment at 17:08.

I agree with your explanation that IRONKNUT must have taken the price of about 215p which Google was showing as AMS's closing price yesterday to be the official closing price, whereas it was in fact the price of a trade which was announced late and was added to the list of trades about 25 minutes after the announcement of the price of the end-of-day uncrossing trade which was 227p.

Google isn't a reliable source for share prices. IRONKNUT and everyone else should rely on the closing prices as they are reported by ADVFN, London & South East, platforms such as Interactive Investor. The London Stock Exchange shows all share trades, including the price of the end-of-day uncrossing trade which is the closing price, but only after a delay of 15 minutes rather than in real time. Services such as ADVFN and London & South East do provide this information in real time but only on a subsciption basis.

Those aren’t large buys at all. If someone bought 1% of company that’s different, but couple hundred k shares is nothing.

Some big investments yesterday

Date Time Trade Prc Volume Buy/Sell Bid Ask Value

17-Jun-26 12:43:55 215.55273 152,364 Unknown* 227.00 228.00 328.42k O

17-Jun-26 16:40:05 227.00 50,000 Buy* 227.00 228.00 113.50k O

17-Jun-26 16:35:07 227.00 266,816 Buy* 227.00 228.00 605.67k UT

Let’s see if betaville or Sky are faster with news than an RNS. Let’s go.

Trendz - you are of course correct.

Kjn2 has history - uses multiple alias's and never has a position in any stock. His bolierplate comment is that company should put itself up for sale, which is the dumbest thing you could do.

He likes to massage his ego by trying to make others look dumb when he is the one usually being dumb, irrelavancy of potential acquirer Share Price being yet another prime example.

As for Spire Healthcare I dont need to tell anyone how much I made, but the record is clear.

HB Fuller share price does matter as it is indicative of shareholders viewing a AMS bid as a good deal

Google shows it as closing at 215 because it picked up a delayed trade at 215. It is just a mistake on their part.

IRONKNUT:

Your comment at 17:08 today saying "By close of play sp back where it started" doesn't make sense because:

- AMS started (i.e. opened) today at 215 and closed at 227 so its share price didn't go back to where it started; and

- HB Fuller are currently up over 3% and it's unlikely that they'll close back at the price at which they opened today.

Please explain the point which you were trying to make more clealry.

Always use prices of exchanges and not intermediaries.

Time for a large cap US medtech company to come in with a 315p bid. Best guess.

Kenal you clown, everyone on here laughs about you as you got Spire completely wrong. You are the running joke here, time to read investing for dummies.

FYI - just because its a cash offer does not make any listed potential suitors share price reaction to the offer irrelevant. I am not going to spell it out for you, as you will unlikley understand anyway as your mission seems to be to belittle others and make them look dumb .

Think that just reflects the delayed transaction.

By close of play sp back where it started

Fyi, HB’s share price is completely irrelevant as it is a cash offer.

Good detective work

Interactive Investor shows NYSE stock prices with a 15 minute delay. When I checked at 2:45 pm, HB Fuller was up about 2.6%. More recently, at 3:19 pm the spread was $65.46 to $65.60 and the most recent trade was at $65.53, up 2.84%. Their high so far today is $66.00.

After a day of relatively few transactions, AMS has come alive since about 2:37 pm, shortly after the USA markets opened at 2:30 pm:

- According to ADVFN, there were 219 trades prior to 2:30 pm.

- Between 2:45 pm to 3:30 pm there've been 137 trades and according to ADVFN's algorithms, the ratio of shares bought to shares sold is about 2:1.

- Until the surge in trades, AMS had traded for most of today between 214.5 and 216.5.

- A few minutes ago, at 3:39 pm, the AMS spread was 222.5 to 223.5 and the most recent trade was at just under 222.99.

- The highest price paid so far today is 226.5, up 11.5 or 5.35%.

In his comment here at 3:16 pm "Trendz" suggested that there might be an incoming bid. I certainly hope so because my most recent buy at about 254p was in the hope of a formal offer from TA Associates. I paid about 254p a few days before their put-up-or-shut up deadline. They walked away so a formal offer from HB Fuller or anyone else would be good for me.

Share price popping. Bid inbound ?

Wasn’t it betaville that reported 285p? Imo HB wouldn’t have known that that’s only the starting point.

I guess likes of Stryker, BD, JnJ, Integra etc could all easily pay 300+ and still have an accretive deal. IMO this isn’t a done deal yet.

Suitors of course can exploit the likes of Kleinman by feeding him information that suits their own agenda.

leaks generally happen have a purpose

I thought the rumoured deal was an £2.85 all cash offer.

Within the last couple of months someone made a comment, either here or on another chat board, which mentioned that the City is a leaky place. It's only through leaks that people like Mark Kleinman, the City editor of Sky News, and tipsheets like Betaville get their information about possible takeovers.

Mr Kleinman's track record:

- On 17 September 2024 he reported that there had been a takeover approach from Inflexion and that other private equity groups were interested, although Betaville might have been the first to break that news.

- If my recollection is correct, on 5 December 2025 he was the first person to report that Bridgepoint Capital were contemplating a bid at 270 to 280p per share.

- On 18 April 2026 he announced that TA Associates had approached AMS with an all cash offer at 280p per share.

Despite all his apparently impeccable sources of information, it's surprising that Mr Kleinman hasn't been able to tell us the contemplated takeover price which HB Fuller mentioned in their unsolicited approach to AMS on 30 April 2026, or to disclose whether they'll be making a formal offer or walking away.

Clueless as ever- still, its a good old belly laugh and just like my postman, you always deliver.

Launching a sale process after 4+ approaches is usually the norm would say.

All the large medtech / surgical care companies have internal M&A departments, they may look at AMS as we speak. 300p is easy for many of them.

That would be the dumbest tactical move ever.

All it would do is signal distress and attract low ball offers and waste everyone's time.

Would be helpful if larger shareholders pushed for a sale process. 285p implies ev/ebitda of 7.5x for 2027, when all the synergies and cost savings kick in.

Larger US companies could look at this and say this could be a very accretive deal even at 300p.

No, it’s standard language. It’s not a binding offer yet. Boilerplate language.

Ooh - sounds a little hostile. Intersting 24 hours ahead! I suspect no bid but if there is one this will rocket

At 7am today AMS issued a RNS which reports that it will hold its AGM at 11.00 a.m. today at Investec Bank plc's office in London EC2. The RNS included the following text:

- "The AMS Board will make no further comment on the Possible Offer [i.e. HB Fuller's unsolicited approach on 30 April 2026 regarding a possible all-cash offer] at today's AGM, and no other new material information on AMS will be provided.

This announcement is being made without the approval of H.B. Fuller."

Shortly before to last year's AGM, AMS also announced that no new material information was to be provided.

I think there could be a positive surprise. AMS earnings expected rise materially (consensus) in the next 1-2 years and some of their product in surgical care have great potential in the US. A Stryker, BD or Integra could potentially be all interested. Any large buyer with plenty of cash can buy AMS at a low multiple and have a nice accretion.

BTW: Anyone who understands activism in the US cannot take the activist seriously.

Further to my comment at 18:15 on 10 June:

- HB Fuller's put-up-or-shut-up deadline is 5 pm this coming Thursday 18 June.

- AMS's AGM is on the previous day, at 11:00 am tomorrow, Wednesday 17 June.

- If AMS have been able to agree takeover terms with HB Fuller which their board considers to be attractive enough to put to shareholders, perhaps there'll be an announcement of a formal offer tomorrow at about 7 am, before the markets open.

Don't forget that the Takeover Panel has the power to extend put-up-or-shut-up deadlnes. Extensions are often granted to give more time for due diligence to be completed, for prospective bidders to make their financial arrangements, or for prospective bidders and their targets to finalise the legal documents for a formal offer.

Does anyone have any idea about the outcome of the meeting last Wednesday 10 June between HB Fuller and its activist 2% shareholder Ancora?

It's clear from Ancora's letter to HB Fuller's board which is on their "SAVE H.B. FULLER" website https://www.savehbfuller.com/ that this meeting had been arranged well before HB Fuller's approach to AMS became public knowledge.

If Ancora want to be taken seriously and to try to get support from the largest HB Fuller shareholders, you'd have expected them to report promptly and publicly on the outcome of the meeting. However, they haven't provided an update on their "SAVE H.B. FULLER" website and, as far as I'm aware, they haven't made any other public announcement. If I were advising Ancora, I'd have told them to issue an announcement saying two things:

- (1) At the meeting they argued strongly that HB Fuller should abandon their interest in AMS.

- (2) HB Fuller told Ancora that due to the possible takeover, they're under legal restricitons which prevent them from saying anything about their approach to AMS.

HB Fuller's listing is on the New York Stock Exchange.

- On 21 May, when its approach to AMS was announced, its shares closed down 4.57% at $56.37.

- Since then they've recovered 14.28% to close at $64.42 yesterday.

- From Friday 5 June its shares have closed up every day apart from Wednesday 10 June.

This price recovery suggests that either (i) US investors don't expect HB Fuller to make a formal takeover offer for AMS or (ii) they do expect an offer but don't think that a takeover of AMS would be detrimental to HB Fuller or its shareholders in the short to medium term.

About 15 minutes ago HB Fuller were up 8 cents (0.12%) at $64.50.

Maybe other surgical care corporates are evaluating bids now? 285p seems low imo given all the synergies and efficiencies kicking in by next year.

There could be larger US companies that just plug AMS in and distribute their products.

Let’s see, doubt it’s over yet imo best guess.

Do little: 2% holders are as irrelevant as it gets in the US. They published one of the worst activist letters I have seen in 20 years. Saying “don’t buy this company, we rather want to sell you” isn’t activism, it’s ridiculous. I think still chance HB Fuller going to submit an offer.

And of course, the management is being measured based on the AMS share price. Stock hasn’t done anything in a long time. For their surgical care sector that’s pretty poor imo. So time to let shareholders participate in some upside. They should run a full blown sale process imo.

DolIttle -ignore the village idiot. He posts under a number of Alias's, always negative and always critical of the Board and always calling for a strategfic review which is the dumbest thing you can do from a position of strength.

He never has a position in any company so clearly has a grudge to bear.

Ancora is a nuisance but if the deal is seen as being that good by both parties, a 2% shareholder is just a fly in the oitment and they will not get support from the other insitutional shareholders.

I think there are more significant hurdles to overcome.

Neither the HB board or AMS board are at fault. They both want the deal. The problem is the small 2% holder activist.

Ancora is essentially arguing: Don't buy AMS and wait years for synergies. Sell H.B. Fuller now for a quick premium

Maybe someone knows news already the HB are out?

Hopefully the larger holder push the Board to deliver in case HB are out. They can’t perpetually shut down all offers and keep their cushy board seats?

Not sure if this has already been posted but worth a read.

https://www.startribune.com/ancora-holdings-activist-investor-hb-fuller-acquisition-advanced-medical-solutions-group/601849203?utm_source=copy

Ty for that. I'm actually invested here and am hoping for a deal.

I'm hoping that Mastin today has had a positive outcome in the talks with Ancora.

I will add this much:

Ancora will likely argue that H.B. Fuller is overpaying for AMS, using capital that should instead be funneled directly into stock buybacks or special dividends to instantly enrich current shareholders.

USA and UK regulatory rules:

Since H.B. Fuller is a U.S.-based corporation (listed on the NYSE), Ancora can use strict U.S. proxy solicitation rules to pressure the board, making a quiet, backroom deal very difficult for Mastin to maintain without total transparency.

A 2% stack doesn't have the clout to block this deal but if Ancora manage to get larger guys onboard,things could get difficult for the HB Fuller board.

Also worth noting Ancora have a long history of activist blocking deals.

Warner Bros. Discovery vs. Netflix (February 2026)

U.S. Steel vs. Nippon Steel (January 2025)

Forward Air (May 2025).

The Playbook: They blasted the board for "slow-walking" a review to sell the entire company to private equity.

The Railroad Proxy Wars: Norfolk Southern & CSX (2024–2025).

I'm still in favour of the buyout.

Obviously I haven't followed this closely as I focus on UK stocks. But, I dont have much sympathy for Ancora. There is a board in charge of HB Fuller, put there to manage the company. They may have said one thing, in March, but that doesn't mean that they cannot react to new information or market trends - that's literally their job. From what I read, they have paid down some debt - Net Debt-to-Adjusted EBITDA: This ratio is currently at 3.1x. This is down from 3.5x in early 2025. Apparently The company generated $263 million in cash from its daily operations, that's around £200m. I think what is really telling is their forward statements: Revenue Growth: Expected to be flat to up 2% compared to 2025. The growth in Ebitda seems from cost saving / slight margin expansion. I dont buy that they have much of a moat on some of their adhesives business, when factoring in output from China. Looking at their end markets, Construction, Automotive, Packaging.. im not surprised they want a higher quality business in the mix. When it comes to Ancora, they strike me as short termists, as you said. e.g. the firm is pushing leadership to conduct a comprehensive strategic review, which could involve a partial or full sale of the H.B. Fuller business, but I see no reason why they cant sell something off to make this acquisition more affordable. Who ever owns AMS for the medium term will make a great return on their investment, but thats not Ancora's operating mode. Yes, you could say the board might be motivated to protect their jobs, but this looks far more like a strategic restructuring to me (If a sale at all). I can understand why Ancora might feel misled given the timelines, but I don't think HB Fuller should be managing the business solely in the interests of a 2% shareholder. Investments are fluid in nature; management has to react to changing opportunities and market conditions, and that's part of the risk investors take. We are not used to the theatrics of the US, but in the UK, a 2% holder would be quietly waved away.

I'm no expert but here is my take on this.

The HB fuller board originally stated that they will not be acquiring any business that will create debt for the company. They then go and do exactly the opposite. Buying AMS will increase debt,yes Mastin is right to say higher profits by buying AMS ( but this will be over the long haul 5 years plus). In the meantime the increased debt means HB fuller becomes an unattractive buyout target,which means the board are safe in their jobs. The activist group,Ancora Holdings have a 2% stake in HB fuller. They are saying the HB fuller board has lied by putting an offer to buy AMS and increasing debt to protect their jobs. Ancora will try to rally larger institutions invested ( like BlackRock) in HB fuller along these lines and try to block the deal. Remember Ancora are not thinking reap the AMS buyout profits in 5 years, they are thinking 6 to 12 months scenario. They will argue we have been lied to,purley because HB fuller board are worried about the company becoming a buyout target.

I would like you to tell us. Most of us dont even know stuff like that is happening. Go on, spill the beans for us.

But to add one comment Ancora cant block the deal, they can object, but they cant actually block it.

The more I think about it, I think this s a good deal for HB Fuller. I like AMS, as an investor, it has a lot of potential, sounds like they need better quality business units at HB. Perhaps the question isn't can HB Fuller afford to buy AMS, but rather can they afford not to buy AMS!

Anyone think Mastin and her meeting with Ancora today has gone well for HB Fuller? Has she managed to fend off the activists trying to block the deal?

Thank you for posting that - very interesting. Ancora would like to see HB Fuller put itelf up for sale. Its owns circa 2% and I don't see any support form the other major insitutional shareholders in HB Fuller which include Balckrock 14% ands Vanguard F Group 11%.

The only signifocance I would attach to Ancora's representations are that they must feel that there is a good probability that HB Fuller will bid for AMS, otherwise why bother?

From what I see HB Fuller can fund the within acceptable financial parameters.

Would be nice to see another interested party emerge.

Further to DoLittle's and Dartron's comments at 15:32 and 17:53 today, Ancora's campaign criticising HB Fuller's approach to take AMS over is very public - see https://www.savehbfuller.com/ so I guess they'll issue a statement very soon, ideally tomorrow, reporting on their meeting today with Celeste Mastin, HB Fuller's CEO, and/or other HB Fuller executives.

A few minutes ago I discovered that on 26 May 2026 HB Fuller reacted to Ancora's 23 May letter by issuing a press release about its value creation strategy. The press release is at:

- https://newsroom.hbfuller.com/press-releases/press-release-details/2026/H-B--Fuller-Issues-Statement-Regarding-Value-Creation-Strategy/default.aspx

This is most of what HB Fuller's press release says:

- "The H.B. Fuller management team is successfully executing on our stated strategy to reposition the business into a faster-growing and higher margin specialty adhesives player. Our team’s strong operational execution combined with a disciplined M&A strategy are how we will achieve our goals of greater than 20% adjusted EBITDA margins, low-teens ROIC and strong cash flow conversion.

H.B. Fuller has a demonstrated track record of thoughtful and disciplined M&A. We operate in a highly fragmented market, which enables us to prudently acquire assets that enhance our scale, accelerate our evolution to higher growth and position us to quickly de-lever post-acquisition.

Since the beginning of 2023, H.B. Fuller has successfully executed 13 acquisitions, which, collectively, have resulted in significant adjusted EBITDA growth and margin expansion through synergy capture, as outlined during our October 2025 Investor Day. For example, in the U.K. alone, we have acquired four businesses since 2022, representing $30 million of acquired adjusted EBITDA with approximately 13% adjusted EBITDA margins. Through delivery of synergies, we have collectively grown those businesses to more than $60 million in adjusted EBITDA with more than 23% adjusted EBITDA margins in three years.

We have pursued this M&A strategy while balancing other capital allocation priorities. To that end, we have been methodically deleveraging our balance sheet over the past several years, including reducing our net debt to adjusted EBITDA ratio to 3.1x at the end of the first quarter versus 3.5x in the same period last year.

H.B. Fuller remains open to assessing any and all paths to value creation and we are committed to both extremely disciplined M&A and deleveraging. Our recent disclosure regarding Advanced Medical Solutions Group plc (“AMS”) was required by the U.K. Takeover Code. We are engaged in discussions with AMS but there can be no certainty that a binding offer will be made. We will evaluate this transaction with the same rigor and care that we have applied to all of the other transactions that we have considered.

... H.B. Fuller ... [is] the largest pureplay adhesives company in the world ... "

HB Fuller's put-up-or-shut-up deadlne is 5 pm on Thursday 18 June 2026.

AMS's AGM is the previous day. It's at 11:00 am on Wednesday 17 June 2026 at the offices of Investec Bank plc, 30 Gresham Street, London, EC2V 7QN.

If AMS can agree takeover terms with HB Fuller which the board consider to be attractive enough to put to shareholders, perhaps there'll be an announcement of a formal offer at about 7 am on the morning of the AGM, before the markets open that day.

I remind everyone that the Takeover Panel has the power to extend put-up-or-shut-up deadlnes. There are often extensions to allow more time for due diligence to be completed, for prospective bidders to make their financial arrangements, or for prospective bidders and their targets to finalise the legal documents for a formal offer.

Today's trading activity in AMS shares gives the impression that there's likely to be a formal offer.

If the Board thought about keeping their seats with their tiny stake large holder won’t vote for them again. They are almost forced to deliver now. Can’t rejecting offers for too long. Strategic buyers have synergies, I think 300+ is reasonable.

Kendall, I broadly agree that the market is sceptical (but the price has been depressed somewhat by shorts).

Here are 3 angles, of why I am still positive, but owning AMS at 2.20 is fine by me even if no deal emerges.

1) We should not under estimate HB Fullers need to buy AMS. They are basically struggling, and need to move up the value chain. If you look at stocks like Croda (chemicals) the brokers are cautious there due to Chinese manufacturers eroding margins. I think HB Fuller is in the same position. Therefore they need to be moving in to areas where the margins cannot be eroded, etc. Although HB has a weak balance sheet, this could be much more of a sink or swim moment than the market attributes to the acquisition. Not to mention as I said before, the AMS management team is an asset in itself, as proven executors for M&A, and building a platform.

2) We already saw that HB Fuller were lurking before the PE guys walked. AMS board conduct themselves on the low key. In hindsight, if HB had offered 285p, that could have been enough for the PE to walk away, not because AMS is bad, but due to already being priced out. Now, consider that if HB are lurking, who else might be lurking. I think the odds of a deal are increased, due to there being an interested party. We actually saw something similar at Spire, when the 2 PE walked away, they both issued waivers saying that they may make another offer. This is down to price discovery. One offer may produce another offer.

3) The board have some skin in the game, but not a huge amount. I dont buy the argument that they will hold out for a really high offer. I think previous rejections may be a reluctance to being managed by PE. I think a trade buyer to AMS is more appealing to the management, who could then have new ladders to climb and the opportunity to continue growing the business. This may be an important consideration to them alongside price.

The Board batted away TA Associates £2.80, £2.85 will suffer the same and hence the almost zero takeover premium in the current price.

Offers will need to be +£3.20 to get the Board fully engaged. Perhaps HB Fuller have kept their powder dry for now as they must be fully aware that £2.85 will not cut it.

There is no spread, zero. 285p offer and stock is 217p, market prices in zero percentage for a deal to take place. Good opportunity.

Would have assumed less of a spread to hb fuller indicative offer price. Views?

Interesting, going through earnings calls and presentations quite a few large cap medtech companies in M&A mode. AMS could be easily digested by any of the larger players.

Good list of potential acquirers incl rationale:

Teleflex — Strong surgical products fit, limited overlap in wound care.

Becton Dickinson — Large balance sheet, broad MedTech portfolio, low overlap with AMS.

Solventum — Can afford it comfortably; some wound-care overlap but generally manageable.

Integer Holdings — Diversification acquisition with very limited antitrust concerns.

Stryker — Easily affordable and little direct overlap in AMS's core wound closure and tissue-healing products.

Zimmer Biomet — Strong balance sheet and adjacency rationale with limited competitive overlap.

Here are my top candidates to buy AMS. All can easily buy the company and don’t have antitrust issues like Coloplast may have.

- B Braun

- J&J

- Medtronic

- Stryker

Think Convatec could have regulatory hurdles as well.

Thoughts from any wound care experts?