Two-part adhesive including toughened curative

A two-part adhesive composition comprising:

• A) a curative part comprising:
• i) an epoxy curative;
• and ii) a reaction intermediate;
• wherein the reaction intermediate ii) is a reaction product of a suspension of core/shell rubber nanoparticles in a liquid epoxy resin and an excess of the epoxy curative;
• wherein the core/shell rubber nanoparticles are present in an amount of greater than 1.1 wt % and less than 49 wt % of the curative part;
• and
• B) an epoxy part comprising:
• iii) at least one liquid epoxy resin;
• and iv) core/shell rubber nanoparticles or a suspension of core/shell rubber nanoparticles in a liquid epoxy resin;
• wherein the at least one liquid epoxy resin iii) is distinct from the liquid epoxy resins of ii) and iv);
• wherein the core/shell rubber nanoparticles are present in an amount of greater than 9.1 wt % and less than 23.8 wt % of the epoxy part;
• and
• wherein the curative part A) and the epoxy part B) are provided in a mixing ratio such that when mixed, the core/shell rubber nanoparticles of A) and B) are present in a combined amount of greater than 11.1 wt % and less than 49 wt % of the two-part adhesive composition.