GARDEN CITY, N.Y.--(BUSINESS WIRE)--Apr. 18, 2017--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170418006583/en/
Source: Lifetime Brands, Inc.
Lifetime Brands, Inc.
Laurence Winoker, 516-203-3590
Chief
Financial Officer
investor.relations@lifetimebrands.com
or
Joele
Frank, Wilkinson Brimmer Katcher
Matthew Sherman / Alyssa Cass
212-355-4449
