LL Flooring Holdings (NYSE:LL) shares ripped over 20% higher during Thursday’s trading on a filing that states the privately-held Cabinets to Go will seek a merger.
According to a 13-D form filed on Thursday, Cabinets to Go founder Thomas D. Sullivan has amassed a stake in LL Flooring with the purpose of pursuing a merger. The document states that the group led by Sullivan now holds a 9.447% stake in the company.
“The Reporting Persons have acquired the Common Stock in contemplation of a possible combination with CTG,” the filing states. “The Reporting Persons are in the process of initiating contact with LL Management and Board of Directors with the intent of exploring a possible combination between LL and CTG. The Reporting Persons believe such a combined entity will better position LL’s financial and competitive standing.”
Shares of LL Flooring (LL) rocketed 21.87% higher on Thursday.
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