Shares of LL Flooring Holdings (NYSE: LL) were on an upward trajectory in pre-market trading at the time of writing on Monday after the specialty retailers of hard-surface flooring announced that the company’s Board of Directors had unanimously rejected an unsolicited, non-binding proposal from Cabinets To Go (Cabinets To Go), a subsidiary of F9 Brands. Cabinets to Go had proposed to acquire all of LL Flooring’s outstanding shares for $5.76 per share in cash.
The company stated in its press release that after a careful review, its Board of Directors “unanimously determined that the proposal significantly undervalues the worth of LL Flooring, its business, and prospects and is not in the best interests of the Company and its shareholders. The Board is always open to considering a transaction that appropriately reflects the Company’s value and prospects.”
LL stock has fared badly in the past year and is down by more than 55%.
