Lifetime Brands has rejected a takeover bid from Mill Road Capital Management, which currently owns more than 10% of the New York-based housewares supplier.
According to Lifetime, the company’s board of directors unanimously rejected the “unsolicited and non-binding proposal” from Mill Road that offered $20 per share in cash.
In a press release, Lifetime said its board of directors, consistent with its fiduciary duties and in consultation with its financial and legal advisors, carefully and thoroughly reviewed Mill Road’s proposal and unanimously determined that pursuing it was not in the best interests of its 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.”