LL Flooring confirmed receipt of an unsolicited, non-binding proposal to acquire all outstanding company shares for $5.85 per share in cash.
The bid came from Live Ventures Incorporated, a diversified holding company that recently acquired Harris Flooring Group from Q.E.P. for $10 million. Earlier this year, LL Flooring rejected an unsolicited bid from its former founder and CEO Tom Sullivan’s company, Cabinets To Go, which proposed purchasing the company for $5.76 per share in cash. LL Flooring said Sullivan’s bid “significantly undervalued” LL Flooring. LL Flooring’s board of directors has since announced it has been seeking “strategic alternatives” for a potential merger or sale of the company.
LL Flooring confirmed it received the bid from Live Ventures Incorporated Oct. 12.
“Consistent with its fiduciary duties and in consultation with its financial and legal advisors, the LL Flooring Board of Directors will carefully review and consider the proposal from Live Ventures in the context of LL Flooring’s strategic alternatives process to determine the course of action that it believes is in the best interests of the Company and all of its shareholders, which will include inviting Live Ventures to participate in the ongoing strategic review process on similar terms as others,” the company said in a statement.
