Hard-Surface Flooring Retailer LL Flooring's Shares Are Ticking Higher: What's Going On?
Portfolio Pulse from Shivani Kumaresan
Private equity firm F9 Investments, LLC has proposed to acquire LL Flooring Holdings Inc (NYSE:LL) for $3.00 per share, owning about 8.8% of the company. The offer is based on LL Flooring's poor Q3 2023 performance and is fully financed with cash and credit. F9's owner, Thomas Sullivan, plans to nominate three directors to LL Flooring's board in 2024. Previously, LL Flooring rejected F9's $5.76/share offer and Live Ventures Incorporated (NASDAQ:LIVE) proposed $5.85/share to acquire LL Flooring. LL shares rose 7.09% to $3.02.
November 14, 2023 | 4:16 pm
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POSITIVE IMPACT
F9 Investments proposes to acquire LL Flooring for $3.00 per share, reflecting the company's poor financial performance. LL shares are up 7.09%.
The acquisition proposal by F9 Investments is likely to have a positive short-term impact on LL Flooring's stock price as it provides a cash exit option for shareholders at a premium to recent trading prices. The stock's rise on the news indicates positive market reception.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Live Ventures Incorporated had previously submitted a proposal to acquire LL Flooring for $5.85 per share in cash.
Live Ventures' previous offer to acquire LL Flooring at $5.85 per share is now less relevant given the current proposal by F9 Investments at $3.00 per share. The impact on LIVE's stock is neutral short-term as the market digests the implications of the new offer.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 50