LL Flooring Confirms Receipt of Unsolicited, Non-Binding Proposal from Live Ventures Incorporated
12 Outubro 2023 - 3:25PM
Business Wire
No Shareholder Action Required at this Time
LL Flooring Holdings, Inc. (“LL Flooring” or “Company”) (NYSE:
LL) today confirmed that it has received an unsolicited,
non-binding proposal from Live Ventures Incorporated (“Live
Ventures”) to acquire all of the outstanding shares of the Company
for $5.85 per share in cash.
As previously announced, LL Flooring’s Board of Directors has
initiated an exploration of strategic alternatives in response to
receipt of multiple inbound expressions of interest regarding a
potential transaction with the Company. As part of this process,
the Board will consider a wide range of options for the Company
including, among other things, a potential sale, merger or other
strategic transaction. 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.
While the strategic alternatives process is ongoing, the Company
is continuing to execute on its five core growth strategies. LL
Flooring believes that it is well positioned to take advantage of
the medium- to long-term tailwinds for repair and remodel spending
and believes that the Company’s unique positioning differentiates
it from others in the market. The Board and management team are
confident in the Company’s ability to deliver high-touch service
combined with the value and convenience of the national brand,
providing a long-term sustainable competitive advantage. LL
Flooring’s Board and management team believe that with a strong
balance sheet and liquidity, the Company is well-positioned for the
future.
LL Flooring shareholders do not need to take any action at this
time. LL Flooring does not intend to comment further on Live
Venture’s unsolicited proposal until the Board has completed its
review.
There can be no assurance that the Company’s strategic
alternatives process will result in LL Flooring pursuing any
particular transaction or other strategic outcome. The Company has
not set a timetable for completion of this process, and it does not
intend to disclose further developments unless and until it
determines that further disclosure is appropriate or necessary.
J.P. Morgan Securities LLC is serving as financial advisor to LL
Flooring, and Skadden, Arps, Slate, Meagher & Flom LLP is
serving as its legal advisor.
About LL Flooring
LL Flooring is one of the country’s leading specialty retailers
of hard-surface flooring with more than 440 stores nationwide. The
Company seeks to offer the best customer experience online and in
stores, with more than 500 varieties of hard-surface floors
featuring a range of quality styles and on-trend designs. LL
Flooring's online tools also help empower customers to find the
right solution for the space they've envisioned. LL Flooring's
extensive selection includes waterproof hybrid resilient,
waterproof vinyl plank, solid and engineered hardwood, laminate,
bamboo, porcelain tile, and cork, with a wide range of flooring
enhancements and accessories to complement. LL Flooring stores are
staffed with flooring experts who provide advice, Pro partnership
services and installation options for all of LL Flooring's
products, the majority of which is in stock and ready for
delivery.
Learn More about LL Flooring
- Our commitment to quality, compliance, the communities we serve
and corporate giving: https://llflooring.com/corp/quality.html
- Follow us on social media: Facebook, Instagram and
Twitter.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release includes statements of the Company’s
expectations, intentions, plans and beliefs that constitute
“forward-looking statements” within the meanings of the Private
Securities Litigation Reform Act of 1995. These statements, which
may be identified by words such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “believes,” “thinks,”
“estimates,” “seeks,” “predicts,” “could,” “projects,” “potential”
and other similar terms and phrases, are based on the beliefs of
the Company’s management, as well as assumptions made by, and
information currently available to, the Company’s management as of
the date of such statements. These statements are subject to risks
and uncertainties, all of which are difficult to predict and many
of which are beyond the Company’s control.
The Company specifically disclaims any obligation to update
these statements, which speak only as of the dates on which such
statements are made, except as may be required under the federal
securities laws. For a discussion of the risks and uncertainties
that could cause actual results to differ from those contained in
the forward-looking statements, see the “Risk Factors” section of
the Company’s annual report on Form 10-K for the year ended
December 31, 2022, and the Company’s other filings with the
Securities and Exchange Commission (“SEC”). Such filings are
available on the SEC’s website at www.sec.gov and the Company’s
Investor Relations website at https://investors.llflooring.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231012424377/en/
LL Flooring Investor Relations ICR Bruce Williams
ir@llflooring.com 804-420-9801
For media inquiries: Leigh Parrish / Ed Trissel Joele
Frank, Wilkinson Brimmer Katcher 212-355-4449
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