LL Flooring founder and former CEO Thomas Sullivan has once again rescinded an offer to purchase his former company, Seeking Alpha reported.
The retraction of a $3-a-share takeover Sullivan’s F9 Investments proposed in November caused LL Flooring’s stock to fall 15%.
According to a 13D/A filing Jan. 18, Sullivan withdrew his offer "in light of LL’s demand that as a prerequisite to engaging with the Reporting Persons, the Reporting Persons enter into agreements that may hinder their ability to take actions designed to maximize the value of their investment in LL.”
F9 had previously bid to purchase remaining LL Flooring shares for $5.76 per share in May 2023. That offer was rejected by LL Flooring. Sullivan has sought to combine LL Flooring with his Cabinets To Go business since 2019.
In October, Live Ventures Incorporated, a diversified holding company, offered to purchase LL Flooring for $5.85 per share in cash.
