LL Flooring Holdings Inc (NYSE:LL) shares jumped more than 19% after-hours today following the company’s announcement that its Board of Directors initiated an exploration of strategic alternatives in response to the receipt of multiple inbound expressions of interest regarding a potential transaction with the company.
As part of this process, the Board will assess a wide array of possibilities for the company, including but not limited to, a potential sale, merger, or other strategic transactions.
As previously disclosed on June 26, 2023, the Board of Directors had unanimously turned down an unsolicited and non-binding proposal to acquire all outstanding shares of LL Flooring at a price of $5.76 per share in cash. The decision to reject this proposal stemmed from the Board's belief that the offer significantly underestimated the actual value of LL Flooring, its business operations, and its future potential.