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Adhesives maker H.B. Fuller told activist investor Ancora that its $1.2 billion acquisition offer undervalues the company, rejecting the bid. The rebuff sets up a potential extended standoff between management and the activist investor over the company's strategic direction. The rejection follows a pattern of activist investors targeting mid-cap industrial and specialty chemical companies, with H.B. Fuller's board signaling it believes the business is worth more than what Ancora has proposed.