LL Flooring Confirms Receipt of Unsolicited, Non-Binding Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc.
30 Mai 2023 - 11:00PM
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 Cabinets To Go, LLC (“Cabinets To Go”), a
subsidiary of F9 Brands, Inc., to acquire all of the outstanding
shares of the Company for $5.76 per share in cash.
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 in the
context of LL Flooring’s strategic plan to determine the course of
action that it believes is in the best interests of the Company and
all of its shareholders.
The Company believes that the long-term fundamentals of LL
Flooring’s business are strong and believes that it is successfully
executing on its six 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 Cabinet To
Go’s unsolicited proposal until the Board has completed its
review.
J.P. Morgan Securities LLC is serving as financial advisor, and
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
advisor to the Company.
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.
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/20230530005650/en/
For further information: 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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