Mill Road Capital Offers $20.00 Per Share to Acquire Lifetime Brands, Inc.
March 13 2017 - 8:20PM
Business Wire
Mill Road Capital is pleased to announce that it sent the
following letter to the Board of Directors of Lifetime Brands, Inc.
(Nasdaq:LCUT) earlier this afternoon.
March 13, 2017 Board of Directors Lifetime Brands,
Inc. 1000 Stewart Avenue Garden City, NY 11530
Re: Notice of Acquisition Proposal
Members of the Board:
Mill Road Capital Management LLC and its affiliated funds (“Mill
Road”) are long time stockholders of Lifetime Brands, Inc. (the
“Company”), first purchasing shares in 2011. As of March 10th,
2017, Mill Road owned in excess of 10% of the Company and had a
cost basis of approximately $13.50 per share.
As one of the Company’s largest stockholders, we have always
been highly impressed with the Company and its management team. We
think Jeff Siegel has done an outstanding job as CEO and leads a
strong and deep bench of talented people.
Accordingly, Mill Road is pleased to submit an offer to acquire
all shares of the Company’s stock at a cash price of $20.00 per
share. This price represents a premium of 37.5% to the closing
price on March 10th, 2017, of $14.55, and is a premium to any price
at which the stock has closed since 2008.
Mill Road is a private investment firm focused on investing in
and partnering with publicly-traded micro-cap companies. Over the
last several years, we believe that Mill Road has completed more
going private transactions with these companies than any other
firm. We know the Company well and are prepared to commence
negotiation of definitive agreements and business, financial, and
legal due diligence immediately. We expect that with the
cooperation of the Company the period required to complete our due
diligence will be brief. Needless to say, this offer is not binding
on Mill Road; binding legal obligations of Mill Road and the
Company will be created only through execution and delivery of
definitive agreements.
You may contact me directly at (203) 987-3504 or Justin Jacobs
at (203) 987-3505. I look forward to discussing our proposal at
your earliest convenience.
Sincerely,
Mill Road Capital Management LLC
By:
Scott Scharfman
Management Committee Director
About Mill Road Capital
Mill Road Capital is a private investment firm focused on
investing in and partnering with publicly traded micro-cap
companies in the U.S. and Canada. The firm has flexible, long-term
capital with the ability to purchase shares in the open market, buy
large block positions from existing shareholders, provide capital
for growth or acquisition opportunities, or execute going-private
transactions. The firm has raised approximately $670 million of
aggregate equity capital commitments and has offices in Greenwich,
CT and the San Francisco Bay Area. More information can be found at
http://www.millroadcapital.com.
This communication is not an offer to purchase or a solicitation
of an offer to sell any securities. This communication relates to
an acquisition proposal which Mill Road Capital Management LLC
(“Mill Road Capital”) has made to acquire Lifetime Brands, Inc.
(“Lifetime”). Any such transaction would only be made through
documents filed with the U.S. Securities and Exchange Commission
(“SEC”). No assurance can be given that any such transaction will
occur. If such transaction proceeds and such documents are filed
with the SEC, Lifetime stockholders are urged to read such
documents carefully in their entirety if and when they become
available, as they will contain important information about the
proposed transaction. Lifetime stockholders would be able to obtain
such documents (when available) free of charge at the SEC's web
site, www.sec.gov or from Mill Road Capital at
www.millroadcapital.com or at Mill Road Capital Management LLC, 382
Greenwich Avenue, Greenwich, Connecticut 06830.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170313006456/en/
Mill Road CapitalScott Scharfman, (203) 987-3504
Lifetime Brands (NASDAQ:LCUT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Lifetime Brands (NASDAQ:LCUT)
Historical Stock Chart
From Sep 2023 to Sep 2024