{"id":765836,"date":"2023-06-26T06:18:10","date_gmt":"2023-06-26T10:18:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\/"},"modified":"2023-06-26T06:18:10","modified_gmt":"2023-06-26T10:18:10","slug":"ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\/","title":{"rendered":"LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc."},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwmarginl1 { margin-left: 30px }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc.<\/b><\/p>\n<p class=\"bwalignc\"><i>Proposal Significantly Undervalues LL Flooring and is Not in the Best Interests of Shareholders<\/i><\/p>\n<p class=\"bwalignc\"><i>LL Flooring Board Remains Open Minded to All Opportunities to Enhance Value<\/i><\/p>\n<p class=\"bwalignc\"><i>No Shareholder Action Required at this Time<\/i><\/p>\n<p class=\"bwalignl\">RICHMOND, Va.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nLL Flooring Holdings, Inc. (\u201cLL Flooring\u201d or \u201cCompany\u201d) (NYSE: LL) today announced that its Board of Directors has unanimously rejected an unsolicited, non-binding proposal from Cabinets To Go, LLC (\u201cCabinets To Go\u201d), a subsidiary of F9 Brands, Inc., to acquire all of LL Flooring\u2019s outstanding shares for $5.76 per share in cash. The Company previously acknowledged receipt of the unsolicited proposal from Cabinets To Go on May 30, 2023.<\/p>\n<p>\nThe LL Flooring Board and management team are committed to enhancing shareholder value and regularly review the Company\u2019s strategic alternatives and assess opportunities to further this objective. Consistent with its fiduciary duties and in consultation with its financial and legal advisors, upon receipt, the LL Flooring Board carefully reviewed and considered Cabinets To Go\u2019s non-binding proposal. The Board 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\u2019s value and prospects.<\/p>\n<p>\nIndependent Chairperson of the Board, Nancy Taylor, said, \u201cThe LL Flooring Board of Directors is committed to enhancing shareholder value and we are open-minded about the best path to achieve this objective. The Board undertook a comprehensive review of the Cabinets To Go proposal and determined that it significantly undervalues LL Flooring. We remain open to engaging further on any opportunity that we believe will deliver appropriate value to all our shareholders.\u201d<\/p>\n<p>\nMs. Taylor added, \u201cLL Flooring\u2019s unique positioning differentiates it from others in the market, and the Board and management team are confident in the Company\u2019s business plan as it continues to deliver the high-touch service of an independent flooring retailer combined with the value and convenience of a national brand. LL Flooring is executing on its six core growth strategies and is well positioned to take advantage of the medium- to long-term tailwinds for repair and remodel spending.\u201d<\/p>\n<p>\nThe Board of Directors communicated its response to F9 Investments and Cabinets To Go in the following letter on June 26, 2023:<\/p>\n<p class=\"bwmarginl1\">\nF9 Investments, LLC<br \/>\n<br \/>844 Alton Road<br \/>\n<br \/>Miami Beach, FL 33139<br \/>\n<br \/>Attn: Tom Sullivan, Sole Manager<\/p>\n<p class=\"bwmarginl1\">\nCabinets To Go, LLC<br \/>\n<br \/>2350 W O Smith Street<br \/>\n<br \/>Lawrenceburg, TN 38464<br \/>\n<br \/>Attn: Jason Delves, Chief Executive Officer<\/p>\n<p class=\"bwmarginl1\">\nDear Messrs. Sullivan and Delves:<\/p>\n<p class=\"bwmarginl1\">\nI am writing this letter on behalf of the Board of Directors (the \u201cBoard\u201d) of LL Flooring Holdings, Inc. (\u201cLL Flooring\u201d or the \u201cCompany\u201d) in response to your letter, dated May 26, 2023, regarding your interest in acquiring LL Flooring. Since receiving your indication of interest, the Board has met several times and, with the assistance of our independent financial advisor, JP Morgan Chase &amp; Co., and our legal advisor, Skadden, Arps, Slate, Meagher &amp; Flom LLP, carefully reviewed and considered it along with a variety of factors and information.<\/p>\n<p class=\"bwmarginl1\">\nFollowing our comprehensive review process, the Board is unanimous in its belief that the price of $5.76 per share in cash proposed in your letter significantly undervalues LL Flooring, its business and prospects. In making its determination, the Board considered LL Flooring\u2019s attractive market position as the Company delivers high-touch service and in-store customer experience of an independent flooring retailer, combined with the value, convenience, assortment and digital capabilities of a scaled, national specialty retailer. The Board believes that despite macroeconomic headwinds LL Flooring\u2019s future is bright and is confident in the Company\u2019s ability to execute its business plan and achieve its growth objectives. The Company has several value enhancing initiatives in the pipeline and we firmly believe that pursuing your opportunistically-timed $5.76 per share proposal will transfer the Company\u2019s upside potential to Cabinets To Go, LLC and away from LL Flooring\u2019s stockholders.<\/p>\n<p class=\"bwmarginl1\">\nNonetheless, the Board is deeply committed to enhancing value for all of our stockholders and receptive to opportunities that will help us achieve that goal. In that spirit, the Board is open to discussions about a transaction that adequately reflects the value of LL Flooring\u2019s business and prospects as well as the significant benefits that would accrue to F9 Investments, LLC and Cabinets To Go, LLC as a result of an acquisition of LL Flooring.<\/p>\n<p class=\"bwmarginl1\">\nIf you were to significantly increase your $5.76 per share proposal to a level that is reflective of the value of the Company, we will consider it consistent with the Board\u2019s fiduciary responsibilities and provide you with confidential information pursuant to a customary non-disclosure and standstill agreement.<\/p>\n<p class=\"bwmarginl1\">\nIf you have an interest in communicating further on this basis, feel free to contact me at your earliest convenience.<\/p>\n<p class=\"bwmarginl1\">\nVery truly yours,<\/p>\n<p class=\"bwmarginl1\">\nNancy M. Taylor<\/p>\n<p>\nJ.P. Morgan Securities LLC is serving as financial advisor, and Skadden, Arps, Slate, Meagher &amp; Flom LLP is serving as legal advisor to the Company.<\/p>\n<p><b>About LL Flooring<\/b><\/p>\n<p>\nLL Flooring is one of the country\u2019s 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&#8217;s online tools also help empower customers to find the right solution for the space they&#8217;ve envisioned. LL Flooring&#8217;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&#8217;s products, the majority of which is in stock and ready for delivery.<\/p>\n<p><b>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS<\/b><\/p>\n<p>\nThis press release includes statements of the Company\u2019s expectations, intentions, plans and beliefs that constitute \u201cforward-looking statements\u201d within the meanings of the Private Securities Litigation Reform Act of 1995. These statements, which may be identified by words such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201cthinks,\u201d \u201cestimates,\u201d \u201cseeks,\u201d \u201cpredicts,\u201d \u201ccould,\u201d \u201cprojects,\u201d \u201cpotential\u201d and other similar terms and phrases, are based on the beliefs of the Company\u2019s management, as well as assumptions made by, and information currently available to, the Company\u2019s 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\u2019s control.<\/p>\n<p>\nThe 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 \u201cRisk Factors\u201d section of the Company\u2019s annual report on Form 10-K for the year ended December 31, 2022, and the Company\u2019s other filings with the Securities and Exchange Commission (\u201cSEC\u201d). Such filings are available on the SEC\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=53429845&amp;newsitemid=20230625961885&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=1&amp;md5=68f3b95b8b781fa367109456d4172b8e\">www.sec.gov<\/a> and the Company\u2019s Investor Relations website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Finvestors.llflooring.com&amp;esheet=53429845&amp;newsitemid=20230625961885&amp;lan=en-US&amp;anchor=https%3A%2F%2Finvestors.llflooring.com&amp;index=2&amp;md5=9b8e910be8801f0b14a74a850c8300b8\">https:\/\/investors.llflooring.com<\/a>.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230625961885r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230625961885\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230625961885\/en\/<\/a><\/span><\/p>\n<p><b>For further information:<br \/>\n<\/b><br \/>LL Flooring Investor Relations<br \/>\n<br \/>ICR<br \/>\n<br \/>Bruce Williams<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ir@llflooring.com\">ir@llflooring.com<br \/>\n<\/a><br \/>Tel: 804-420-9801<\/p>\n<p><b>For media inquiries:<br \/>\n<\/b><br \/>Leigh Parrish \/ Ed Trissel<br \/>\n<br \/>Joele Frank, Wilkinson Brimmer Katcher<br \/>\n<br \/>212-355-4449<\/p>\n<p><b>KEYWORDS:<\/b> Virginia United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Residential Building &amp; Real Estate Other Retail Commercial Building &amp; Real Estate Construction &amp; Property Professional Services Interior Design Specialty Building Systems Retail Other Construction &amp; Property Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc. Proposal Significantly Undervalues LL Flooring and is Not in the Best Interests of Shareholders LL Flooring Board Remains Open Minded to All Opportunities to Enhance Value No Shareholder Action Required at this Time RICHMOND, Va.&#8211;(BUSINESS WIRE)&#8211; LL Flooring Holdings, Inc. (\u201cLL Flooring\u201d or \u201cCompany\u201d) (NYSE: LL) today announced that its Board of Directors has unanimously rejected an unsolicited, non-binding proposal from Cabinets To Go, LLC (\u201cCabinets To Go\u201d), a subsidiary of F9 Brands, Inc., to acquire all of LL Flooring\u2019s outstanding shares for $5.76 per share in cash. The Company previously acknowledged receipt of the unsolicited proposal from Cabinets To Go on &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-765836","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc. Proposal Significantly Undervalues LL Flooring and is Not in the Best Interests of Shareholders LL Flooring Board Remains Open Minded to All Opportunities to Enhance Value No Shareholder Action Required at this Time RICHMOND, Va.&#8211;(BUSINESS WIRE)&#8211; LL Flooring Holdings, Inc. (\u201cLL Flooring\u201d or \u201cCompany\u201d) (NYSE: LL) today announced that its Board of Directors has unanimously rejected an unsolicited, non-binding proposal from Cabinets To Go, LLC (\u201cCabinets To Go\u201d), a subsidiary of F9 Brands, Inc., to acquire all of LL Flooring\u2019s outstanding shares for $5.76 per share in cash. The Company previously acknowledged receipt of the unsolicited proposal from Cabinets To Go on &hellip; Continue reading &quot;LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc.&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-26T10:18:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230625961885r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc.\",\"datePublished\":\"2023-06-26T10:18:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\\\/\"},\"wordCount\":1313,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230625961885r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\\\/\",\"name\":\"LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc. - 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Proposal Significantly Undervalues LL Flooring and is Not in the Best Interests of Shareholders LL Flooring Board Remains Open Minded to All Opportunities to Enhance Value No Shareholder Action Required at this Time RICHMOND, Va.&#8211;(BUSINESS WIRE)&#8211; LL Flooring Holdings, Inc. (\u201cLL Flooring\u201d or \u201cCompany\u201d) (NYSE: LL) today announced that its Board of Directors has unanimously rejected an unsolicited, non-binding proposal from Cabinets To Go, LLC (\u201cCabinets To Go\u201d), a subsidiary of F9 Brands, Inc., to acquire all of LL Flooring\u2019s outstanding shares for $5.76 per share in cash. The Company previously acknowledged receipt of the unsolicited proposal from Cabinets To Go on &hellip; Continue reading \"LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc.\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\/","og_site_name":"Market Newsdesk","article_published_time":"2023-06-26T10:18:10+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230625961885r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc.","datePublished":"2023-06-26T10:18:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\/"},"wordCount":1313,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230625961885r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/ll-flooring-board-of-directors-unanimously-rejects-unsolicited-proposal-from-cabinets-to-go-subsidiary-of-f9-brands-inc\/","name":"LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc. - 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