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LL Floors (New York Stock Exchange:LL) fell 8% in the middle of a brief report from Bleecker Street.
He Bleecker Street Report casts doubt on whether Live Ventures (NASDAQ: LIVE) may complete its recent $5.85 stock offering for LL Flooring (LL), formerly known as Lumber Liquidators.
LL Flooring (LL) shares rose 36% on Thursday after US investment firm Live Ventures (LIVE) offered to buy the flooring retailer for 194.4 million dollars in cash. LL Flooring confirmed Thursday afternoon that it received the unsolicited offer from Live Ventures.
Representatives for Live Ventures (LIVE) did not immediately respond to Seeking Alpha’s email request for comment.
Bleecker Street Capital revealed that it is short shares of LL Flooring (LL). LL’s short interest is 3.4%.
Live Ventures’ bid comes on the heels of LL (LL), after the company’s founder withdrew his $5.76 per share takeover offer for the flooring retailer in August. LL founder Tom Sullivan, through the F9 Group and Cabinets to Go, said the group was withdrawing its offer “in light of LL’s deteriorating financial and operational performance and erosion of value”.
Shares of LL Flooring (LL) soared 24% on August 11 after announcing that it planned to explore strategic alternatives, including a possible sale of the company.
