GARDEN CITY, N.Y.--(BUSINESS WIRE)--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.