LL Flooring Holdings Inc. 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.
“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,” said Nancy Taylor, independent chairperson of the board. “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.”
In June, the board announced that it had 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.
The company noted that there is no assurance of any particular transaction or outcome, nor is there a timetable to complete the process.
