May 21 (Reuters) – British medical supplier Advanced Medical Solutions on Thursday said it had received an unsolicited takeover proposal from U.S.-based adhesives maker H.B. Fuller, days after its buyout talks with a private-equity firm ended.
Shares of the British company rose as much as 13.5% to 240 pence, giving it a market capitalisation of £528.6 million ($710.02 million).
• Minnesota-based specialty chemicals company H.B. Fuller said it submitted an all-cash proposal for AMS on April 30.
• Neither side disclosed financial details of the proposed bid.
• H.B. Fuller said it was engaged in due diligence with the British company.
• The approach, which is the second bid in just over a month for the London-listed company, comes days after private equity firm TA Associates walked away from deal talks without giving a reason or a bid value.
• AMS, which develops and supplies wound‑care dressing technologies, would strengthen H.B. Fuller’s push into high-margin medical adhesives and wound‑care products, diversifying its revenue stream.
• AMS stock was last up 5.9% at 224 pence.
• This approach is the latest in a series of bids for London-listed companies as overseas firms seek to take advantage of relatively low UK equity valuations.
• H.B. Fuller has until June 18 to announce a firm intention to make an offer or walk away under UK takeover rules.
($1 = 0.7445 pounds)
(Reporting by Yamini Kalia and Prerna Bedi in Bengaluru; Editing by Shreya Biswas and Jonathan Ananda)
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