H.B. Fuller has submitted an all-cash proposal to buy Advanced Medical Solutions for 285 pence per share, according to a person familiar with the matter. Both companies have disclosed that they are conducting discussions and carrying out due diligence, but neither has confirmed that a deal will be completed.
The initial approach from the Minnesota-based industrial adhesives group was made on April 30, 2026 as an unsolicited proposal. Under the provisions of the U.K. Takeover Code, that engagement sets a "put up or shut up" deadline of June 18, 2026, by which H.B. Fuller must either announce a firm intention to make a binding offer or withdraw from pursuit.
Advisers and counsel
H.B. Fuller has engaged Goldman Sachs and Perella Weinberg Partners as financial advisers to support the potential transaction, with Ashurst LLP named as legal counsel, according to information from the source. Advanced Medical Solutions, the London-listed medical device maker, is being advised by Evercore Partners International LLP and Investec Bank plc on the financial side.
Both companies' public disclosures stressed that discussions remain ongoing and cautioned that there is no certainty an agreement will be reached.
Context of interest and recent corporate moves
Analysts have pointed to recurring acquisition interest in Advanced Medical Solutions. Stifel analyst Christian Glennie says this marks the fifth confirmed or possible approach to the company in a roughly 20-month span. Glennie also suggested that a strategic buyer could see substantial future value from cost synergies, particularly after Advanced Medical Solutions' purchase of Peters Surgical.
Advanced Medical Solutions acquired Peters Surgical in July 2024 for a maximum cash consideration of €141.4 million. That deal expanded the company's footprint in tissue repair and skin closure by adding manufacturing sites across Europe and Asia and creating direct sales capabilities in important markets.
The integration of Peters Surgical for the full fiscal year helped lift group revenue by 29% to £228.9 million for the year ended December 31, 2025. Adjusted EBITDA increased by 24% to £49.9 million over the same period, figures that market participants say have enhanced the company's appeal to overseas buyers.
Competing interest and earlier approaches
The recent approach from H.B. Fuller follows the abrupt end of a pursuit by Boston-based private equity firm TA Associates on May 15, 2026. Media reports had previously indicated TA Associates was preparing an offer of about 280 pence per share, which would have valued the medical group at roughly £600 million.
Prior to the interest from TA Associates, Advanced Medical Solutions drew preliminary inquiries from Montagu Private Equity LLP, a London-based mid-market firm. Those earlier discussions stalled last year without a formal bid materializing. Throughout those episodes, the company repeatedly reaffirmed confidence in its ability to grow on a standalone basis.
Comments and next steps
Advanced Medical Solutions did not respond to multiple requests for comment. A spokesperson for H.B. Fuller reiterated a statement that, in line with U.K. Takeover Code requirements, the company is in early-stage discussions and that there can be no certainty an offer will be made.
With the June 18 deadline approaching, market participants and the companies' advisers will be watching whether H.B. Fuller converts the proposal into a firm offer or withdraws. Until a binding proposal is announced, the outcome and terms remain uncertain.