LL Flooring stock soars 21% premarket on news of unsolicited bid from unit of F9 Brands

The stock of LL Flooring Holdings Inc. (LL) rallied 21% in premarket trade Wednesday, after the company confirmed it has received an unsolicited but non-binding bid from Cabinets to Go, a unit of F9 Brands Inc. F9Brands owns and manages a portfolio of companies in the building products, home improvement and luxury home décor industries. The flooring retailer, formerly known as Lumber Liquidators, said its board will consult with financial and legal advisers to review the bid. The company believes its long-term fundamentals are strong and it's succeeding with six core growth strategies. "LL Flooring believes that it is well positioned to take advantage of the medium- to long-term tailwinds for repair and remodel spending, and believes that the company's unique positioning differentiates it from others in the market," it said in a statement. LL Flooring will make no further public comments until the board has completed its review. The stock has fallen 26% in the year to date, while the S&P 500 has gained 9.5%.

-Ciara Linnane

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

05-31-23 0641ET

Copyright (c) 2023 Dow Jones & Company, Inc.