Lifetime Board Rejects Unsolicited Acquisition Proposal
Lifetime’s board of directors 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.
Lifetime Brands, Inc. recently 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,” said Jeffrey Siegel, Lifetime’s chairman and CEO. “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.”
For more information, visit www.lifetimebrands.com.