On Aug. 12, shareholder Ancora Holding Group publicly published a letter it sent to the H.B. Fuller’s Board of Directors regarding its proposal to acquire the company’s Building Adhesives Solutions (BAS) segment for between $1.1 and $1.2 billion in cash.

The adhesives maker’s BAS segment offers a range of products with applications in roofing, building envelope, infrastructure, glass, and wood and composites.

The letter claims Ancora “privately re-engaged” with H.B. Fuller’s President and CEO, and its Board Chair, on July 7, to express interest in the segment. But did not receive “anything resembling a coherent or substantive response” for a month. In response to the public letter, H.B. Fuller released a statement acknowledging receipt and said its management team and Board of Directors will evaluate the proposal.

“Although Ancora previously expressed a passing verbal interest in BAS, the letter received today [Aug. 12], simultaneous to the news being made public, represents the first offer that Ancora has made for this business,” H.B. Fuller officials wrote.

In its proposal letter, Ancora suggests the acquisition of BAS would, among other things, “position leadership to exit a segment that has lower margins in a highly fragmented market.”