Lifetime Brands Board Unanimously Rejects Unsolicited Acquisition Proposal from Mill Road Capital Management LLC
April 18 2017 - 4:45PM
Business Wire
Lifetime Brands, Inc. (NasdaqGS:LCUT), a leading global provider
of branded kitchenware, tableware and other products used in the
home, today announced that its Board of Directors unanimously
rejected an unsolicited and non-binding proposal from Mill Road
Capital Management LLC to acquire all of the outstanding shares of
Lifetime that it does not already own for a $20.00 per share price
in cash.
Lifetime’s Board of Directors, consistent with its fiduciary
duties and in consultation with its financial and legal advisors,
carefully and thoroughly reviewed Mill Road’s unsolicited and
non-binding proposal and unanimously determined that pursuing it
was not in the best interests of Lifetime’s stockholders.
“We value the constructive relationship we have had with Mill
Road since it first invested in Lifetime and appreciate its
confidence in Lifetime’s value creation potential. However, the
Lifetime Board unanimously believes that Lifetime’s prospects as an
independent company remain strong and that our goal of continuing
to build long-term stockholder value will be best served by
remaining focused on the execution of our strategy,” said Jeffrey
Siegel, Lifetime’s Chairman and Chief Executive Officer.
J.P. Morgan Securities LLC is serving as financial advisor to
Lifetime. Morgan, Lewis & Bockius LLP is serving as legal
counsel to Lifetime and its Board of Directors.
Lifetime Brands, Inc.
Lifetime Brands is a leading global provider of kitchenware,
tableware and other products used in the home. The Company markets
its products under well-known kitchenware brands, including
Farberware®, KitchenAid®, Sabatier®, Amco Houseworks®, Chicago™
Metallic, Copco®, Fred® & Friends, Kitchen Craft®, Kamenstein®,
Kizmos™, La Cafetière®, Misto®, Mossy Oak®, Reo®, Savora™,
Swing-A-Way® and Vasconia®; respected tableware and giftware
brands, including Mikasa®, Pfaltzgraff®, Creative Tops®, Empire
Silver™, Gorham®, International® Silver, Kirk Stieff®, Towle®
Silversmiths, Tuttle®, Wallace®, Wilton Armetale®, V&A® and
Royal Botanic Gardens Kew®; and valued home solutions brands,
including Bombay®, BUILT NY®, Debbie Meyer® and Design for Living™.
The Company also provides exclusive private label products to
leading retailers worldwide.
The Company’s corporate website is www.lifetimebrands.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170418006583/en/
Lifetime Brands, Inc.Laurence Winoker, 516-203-3590Chief
Financial Officerinvestor.relations@lifetimebrands.comorJoele
Frank, Wilkinson Brimmer KatcherMatthew Sherman / Alyssa
Cass212-355-4449
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