LL Flooring Founder Submits New Bid to Acquire Company
LL Flooring founder, Tom Sullivan, has submitted a renewed bid to acquire the company after a boost in shares and competition from Live Ventures.
LL Flooring, formerly known as Lumber Liquidators, saw a rise in its shares following a recent bid submitted by its founder, Tom Sullivan. The stock experienced a boost of 8.9% in early trading, currently standing at $3.07. However, the company's shares have fallen by 45% throughout the year.
Previously, Sullivan, through his firm F9 Investments, proposed a bid to acquire the equity of LL Flooring that he didn't already own, offering $3 per share. This offer was rejected by LL Flooring as they deemed it too low. Consequently, Sullivan withdrew the bid, attributing it to the company's poor financial performance.
In the meantime, Live Ventures, a diversified holding company, has presented LL Flooring with an alternative offer of acquiring the company for $5.85 per share in cash.
Undeterred, Sullivan has returned to the negotiating table with a renewed offer. He claims that his new bid takes into account both the company's underperformance and what he perceives as the board's lack of engagement with F9 and its affiliates, preventing them from conducting proper due diligence. As part of his proposal, Sullivan intends to nominate himself and two others to LL Flooring's board during the next shareholder meeting.