LL Flooring Slips After Founder Rescinds Second Buyout Offer
- Prior to decision, board said firm exploring strategic options
- Tom Sullivan owns 8.8% of the company through F9 Investments
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LL Flooring Holdings Inc. shares slumped Thursday after its founder withdrew his proposal to buy the flooring business, ending what was a second takeover attempt in four years.
In a filing to the US Securities and Exchange Commission, Tom Sullivan said he sent a letter to the company, formerly known as Lumber Liquidators, rescinding his offer “in light of LL’s deteriorating financial and operational performance and eroding value,” following its 2023 second quarter earnings results. Shares ended the day 4.2% lower.