LKQ Corporation, the parent company of Keystone Automotive and its NTP-STAG RV aftermarket distribution division, announced that its board of directors has initiated a comprehensive review of strategic alternatives to enhance shareholder value. As part of the review, the board is working with its advisors to evaluate the company’s strategic alternatives, including a potential sale of the company.
“The board and management continually evaluate the company’s performance and strategic positioning as part of our responsibility to maximize shareholder returns,” said John Mendel, chairman of the board. “Consistent with this commitment, we have initiated a formal review of strategic alternatives to identify the best path forward to unlock value that is not reflected in our current valuation.”
Separately, the company said it is continuing with its previously announced process to explore the potential sale of its Specialty segment.
There is no deadline or definitive timetable set for completion of this strategic review, LKQ Corp. said, and there can be no assurance the review will result in any transaction or other strategic outcome. The company does not intend to disclose or comment on developments related to this review unless further disclosure is appropriate or required by law.
LKQ has engaged BofA Securities as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal counsel.
