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LL Flooring Board of Directors Announces Exploration of Strategic Alternatives to Maximize Shareholder Value

RICHMOND, Va.--(BUSINESS WIRE)--LL Flooring Holdings, Inc. (“LL Flooring” or the “Company”) (NYSE: LL) today announced that its Board of Directors has initiated an exploration of strategic alternatives in response to receipt of multiple inbound expressions of interest regarding a potential transaction with the Company. As part of this process, the Board will consider a wide range of options for the Company including, among other things, a potential sale, merger or other strategic transaction.

Nancy Taylor, Independent Chairperson of the Board of Directors, said, “The LL Flooring Board of Directors has confidence in the Company’s strategy and believes that the strategic work the management team has been doing to strengthen the business will provide long-term benefits. While this work is well underway, in light of external interest in the Company, the Board and management are taking the opportunity to explore a range of potential strategic alternatives to maximize shareholder value. We look forward to working diligently with our external advisors to identify the best path for the future of LL Flooring and all of our shareholders.”

As previously disclosed on June 26, 2023, the Company’s Board of Directors unanimously rejected an unsolicited, non-binding proposal to acquire all of LL Flooring’s outstanding shares for $5.76 per share in cash as it significantly undervalued the worth of LL Flooring, its business and prospects. As the Board noted at that time in rejecting the proposal, it remains open to considering a transaction that appropriately reflects the Company’s value and prospects.

There can be no assurance that the Company’s strategic alternatives process will result in LL Flooring pursuing any particular transaction or other strategic outcome. The Company has not set a timetable for completion of this process, and it does not intend to disclose further developments unless and until it determines that further disclosure is appropriate or necessary.

Source: https://www.businesswire.com/news/home/20230814677405/en/LL-Flooring-Board-of-Directors-Announces-Exploration-of-Strategic-Alternatives-to-Maximize-Shareholder-Value