Business
Live Ventures Submits Proposal to Acquire LL Flooring for $5.85 Per Share in Cash
All-Cash Offer Represents 106% Premium to Company’s Closing Price as of October 6, 2023 and Provides Shareholders with Certainty, Full and Fair Value and
About this update from Live Ventures Incorporated
[{"type":"text","content":"\nAll-Cash Offer Represents 106% Premium to Company’s Closing Price as of October 6, 2023 and Provides Shareholders with Certainty, Full and Fair Value and Immediate Liquidity\n\n\nLive Ventures’ Experience in the Retail and Flooring Industries and Successful Track Record of Shareholder Value Creation Make it the Ideal Partner for LL Flooring\n\n\n LAS VEGAS--(BUSINESS WIRE)--\nLive Ventures Incorporated (Nasdaq: LIVE), a diversified holding company specializing in the retail and flooring industries, today released the below correspondence sent to LL Flooring Holdings, Inc. (NYSE: LL), which details Live Ventures Incorporated’s $5.85 per share all-cash acquisition proposal.\n\n\n***\n\n\nOctober 11, 2023\n\n\nBoard of Directors (the “Board”)\nLL Flooring Holdings, Inc.\n4901 Bakers Mill Lane\nRichmond, Virginia 23230\nAttn: Nancy M. Taylor, Chairperson of the Board\n\n\nMembers of the Board,\n\n\nLive Ventures Incorporated (“Live Ventures” or “we”) is pleased to present a non-binding offer for a transaction between Live Ventures and LL Flooring Holdings, Inc. (“LL Flooring” or the “Company”). Our goal is to facilitate constructive discussions with the Board and enter into a mutually agreeable transaction that is in the best interests of all LL Flooring shareholders. We would also like to disclose that the Isaac Capital Group, an investment firm I personally control and manage, has made a significant investment in LL Flooring and is a top-five shareholder, currently owning over 4% of the Company’s outstanding common stock.\n\n\nAs described more fully below, our proposal to acquire 100% of LL Flooring shares in an all-cash offer for $5.85 per share represents a 106% premium to the Company’s closing share price as of October 6, 2023. For the reasons we outline, we believe this proposal is the best path forward for all Company stakeholders – and we are prepared to move quickly to execute it together.\n\n\nAbout Live Ventures and its Successful Track Record in the Retail and Flooring Industries\n\n\nAs a diversified, publicly traded holding company, Live Ventures has considerable experience working with retailers that have faced similar challenges LL Flooring is confronted with today. It is encouraging that the Board has recognized these headwinds by announcing the initiation of a strategic alternatives process, especially consideri...