Mill Road Capital Offers $20.00 Per Share to Acquire Lifetime Brands

3/13/17

GREENWICH, Conn.--(BUSINESS WIRE)--Mill Road Capital is pleased to announce that it sent the following letter to the Board of Directors of Lifetime Brands, Inc. (Nasdaq:LCUT) earlier this afternoon.

Mill Road Cap offers $20 per share to acquire Lifetime Brands (Nasdaq: LCUT)

Tweet this

March 13, 2017
Board of Directors
Lifetime Brands, Inc.
1000 Stewart Avenue
Garden City, NY 11530

Re: Notice of Acquisition Proposal

Members of the Board:

Mill Road Capital Management LLC and its affiliated funds (“Mill Road”) are long time stockholders of Lifetime Brands, Inc. (the “Company”), first purchasing shares in 2011. As of March 10th, 2017, Mill Road owned in excess of 10% of the Company and had a cost basis of approximately $13.50 per share.

As one of the Company’s largest stockholders, we have always been highly impressed with the Company and its management team. We think Jeff Siegel has done an outstanding job as CEO and leads a strong and deep bench of talented people.

Accordingly, Mill Road is pleased to submit an offer to acquire all shares of the Company’s stock at a cash price of $20.00 per share. This price represents a premium of 37.5% to the closing price on March 10th, 2017, of $14.55, and is a premium to any price at which the stock has closed since 2008.

Mill Road is a private investment firm focused on investing in and partnering with publicly-traded micro-cap companies. Over the last several years, we believe that Mill Road has completed more going private transactions with these companies than any other firm. We know the Company well and are prepared to commence negotiation of definitive agreements and business, financial, and legal due diligence immediately. We expect that with the cooperation of the Company the period required to complete our due diligence will be brief. Needless to say, this offer is not binding on Mill Road; binding legal obligations of Mill Road and the Company will be created only through execution and delivery of definitive agreements.

You may contact me directly at (203) 987-3504 or Justin Jacobs at (203) 987-3505. I look forward to discussing our proposal at your earliest convenience.

Sincerely,

Mill Road Capital Management LLC

By:

Scott Scharfman

Management Committee Director

About Mill Road Capital

Mill Road Capital is a private investment firm focused on investing in and partnering with publicly traded micro-cap companies in the U.S. and Canada. The firm has flexible, long-term capital with the ability to purchase shares in the open market, buy large block positions from existing shareholders, provide capital for growth or acquisition opportunities, or execute going-private transactions. The firm has raised approximately $670 million of aggregate equity capital commitments and has offices in Greenwich, CT and the San Francisco Bay Area. More information can be found at http://www.millroadcapital.com.

Recent Deals

Interested in advertising your deals? Contact Edwin Warfield.