RICHMOND, Va. — The board of directors for LL Flooring Holdings Inc. has unanimously rejected an unsolicited, non-binding proposal from Cabinets To Go, LLC, a subsidiary of F9 Brands, Inc., to acquire all of LL Flooring’s outstanding shares for $5.76 per share in cash.

The company received the unsolicited proposal from Cabinets To Go on May 30, 2023. The LL Flooring Board said that it had reviewed the non-binding proposal and unanimously determined that the proposal "significantly undervalues the worth of LL Flooring, its business and prospects and is not in the best interests of the Company and its shareholders."

Nancy Taylor, independent chairperson of the board, said, “The LL Flooring Board of Directors is committed to enhancing shareholder value and we are open-minded about the best path to achieve this objective. The Board undertook a comprehensive review of the Cabinets To Go proposal and determined that it significantly undervalues LL Flooring. We remain open to engaging further on any opportunity that we believe will deliver appropriate value to all our shareholders.”

Taylor added, “LL Flooring’s unique positioning differentiates it from others in the market, and the Board and management team are confident in the Company’s business plan as it continues to deliver the high-touch service of an independent flooring retailer combined with the value and convenience of a national brand. LL Flooring is executing on its six core growth strategies and is well positioned to take advantage of the medium- to long-term tailwinds for repair and remodel spending.”