LL Flooring Board of Directors Announces Exploration of Strategic Alternatives to Maximize Shareholder Value
14 Agosto 2023 - 11:00PM
Business Wire
LL Flooring Holdings, Inc. (“LL Flooring” or the “Company”)
(NYSE: LL) today announced that its 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.
Nancy Taylor, Independent Chairperson of the Board of Directors,
said, “The LL Flooring Board of Directors has confidence in the
Company’s strategy and believes that the strategic work the
management team has been doing to strengthen the business will
provide long-term benefits. While this work is well underway, in
light of external interest in the Company, the Board and management
are taking the opportunity to explore a range of potential
strategic alternatives to maximize shareholder value. We look
forward to working diligently with our external advisors to
identify the best path for the future of LL Flooring and all of our
shareholders.”
As previously disclosed on June 26, 2023, the Company’s Board of
Directors unanimously rejected an unsolicited, non-binding proposal
to acquire all of LL Flooring’s outstanding shares for $5.76 per
share in cash as it significantly undervalued the worth of LL
Flooring, its business and prospects. As the Board noted at that
time in rejecting the proposal, it remains open to considering a
transaction that appropriately reflects the Company’s value and
prospects.
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.
Advisors
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,” "assumes,"
“believes,” “thinks,” “estimates,” “seeks,” “predicts,” “could,”
“projects,” "targets," “potential,” "will likely result," 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/20230814677405/en/
For further information contact: LL Flooring Investor
Relations ICR Bruce Williams ir@llflooring.com Tel:
804-420-9801
For media inquiries: Leigh Parrish / Ed Trissel Joele
Frank, Wilkinson Brimmer Katcher 212-355-4449
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