LL Flooring confirms receipt of unsolicited proposal from Live Ventures

LL Flooring Holdings (LL) confirmed that it has received an unsolicited, non-binding proposal from Live Ventures Incorporated (LIVE) 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 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,” the company stated.