LL Flooring (NYSE:LL) plunged 15% in premarket trading after the company’s founder withdrew his $3-a-share takeover offer for the flooring retailer.
Tom Sullivan, who founded Lumber Liquidators, which changed its name to LL Flooring (LL), in November offered $3 a share for retailer, down from his offer of $5.76. The offer was being made through F9 Investments, which collectively owns approximately 8.8% of LL Flooring stock.
Sullivan withdrew his latest offer “in light of LL’s demand that as a prerequisite to engaging with the Reporting Persons, the Reporting Persons enter into agreements that may hinder their ability to take actions designed to maximize the value of their investment in LL,” according to a 13D/A filing on Thursday.
