LL Flooring’s founder and former CEO Tom Sullivan is firing back at the flooring company’s attempt to keep its shareholders from voting Sullivan onto its board of directors.
Sullivan and his private equity firm, F9 Investments, launched a campaign in early June to get Sullivan, John Jason Delves and Jill Witter onto LL Flooring’s board, but LL Flooring has been fighting the campaign, sending multiple letters and a presentation to its shareholders urging them to vote against F9’s nominees.
The flooring company stated Sullivan’s desire to get on the board is a thinly veiled attempt to “force a sale of LL Flooring to himself at a price that may undervalue the company.”
In a June 20 press release, F9 Investments claimed LL Flooring’s assertion is “absurd” and Sullivan is not looking to buy the company.
“We are disappointed by the Board of Directors’ decision to resort to egregious, made-up personal attacks against Tom Sullivan and our other nominees,” the press release stated.
In May 2023, Sullivan’s firm made a bid to buy the company for $5.76 per share but was rejected by LL Flooring’s board, claiming it undervalued the company. Sullivan’s firm made a second bid in November for $3.00 per share.
LL Flooring’s stock is currently trading at $1.39 a share, down from $4.59 on this date last year.
