Lazydays’ board of directors has unanimously rejected the B. Riley non-binding, unsolicited proposal to acquire the company for $25 per share, as set forth in the B. Riley March 9, public letter.
“The Lazydays Board of Directors appreciates the interest that B. Riley has expressed in the company,” Lazydays said in a statement. “The board has carefully reviewed the B. Riley proposal with the assistance of its advisors and, after thorough consideration in accordance with its fiduciary duties, has determined that the proposal meaningfully undervalues the company and is not in the best interests of shareholders.”
“The Board will continue to take seriously all credible interest in Lazydays, however we do not believe that now is an advantageous time to actively pursue a sale of the business. We are confident in the company’s strategic direction, management team, balance sheet, shareholder base and industry partners. Upon this strong foundation, we see a compelling opportunity over the coming years to create considerable shareholder value,” said Chris Shackelton, Lazydays chairman of the board.
