LL Flooring rises on buyout offer from founder

Ll Flooring Holdings

31/05/2023 10:41

** Shares of LL Flooring Holdings Inc  LL.N  up 21.3% at
$5.02 premarket
    ** Hard-surface flooring retailer says it has received
non-binding buyout offer from Cabinets To Go, a unit of F9
Brands Inc
    ** Cabinets to Go proposes to acquire LL for $5.76/shr in
cash, reflecting a 39% premium on stock's last close 
    ** Cabinets to Go is run by founder and CEO Tom Sullivan,
who also founded LL Flooring in 1994 
    ** Deal is worth $175.7 mln, compared with co's market cap
of $126.25 mln as of last close - Eikon Refinitiv
    ** Earlier in the month, LL reported Q1 results below
estimates
    ** LL stock down 26.3% YTD
    
    

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))