LL Flooring’s founder and former CEO Tom Sullivan sent a proxy filing to the flooring sellers’ board last week in his latest effort to take back the company he launched, formerly known as Lumber Liquidators.
Sullivan’s private equity firm, F9 Investments, currently has an 8.9% stake in LL Flooring Holdings and launched a campaign to add Sullivan, John Jason Delves and Jill Witter to the company’s board, according to the Wall Street Journal.
LL Flooring responded to the proxy filing with a letter to its shareholders saying Sullivan “is attempting to take control of LL Flooring through a costly and distracting proxy contest to install himself and two of his hand-picked employees on your Board of Directors.”
Back in November, Sullivan’s firm made its second bid to acquire LL Flooring for $3.00 per share—$2.76 less than its previous proposal. The struggling flooring seller rejected F9’s first offer after claiming the bid undervalued the company.
The Wall Street Journal reported LL Flooring received another takeover offer from Live Ventures Incorporated to acquire the company at $2.50 a share and is still in negotiations.
The flooring seller’s stock is currently trading for $1.65 a share, down from $4.65 this time last year.
