Huttig Building Products, Inc. Confirms Receipt of Unsolicited Acquisition Proposal from Mill Road Capital
August 13 2020 - 06:00PM
Huttig Building Products, Inc. (“Huttig” or the “Company”) (NASDAQ:
HBP), a leading domestic distributor of millwork, building
materials and wood products, confirmed it has received an
unsolicited, non-binding, expression of interest from Mill Road
Capital Management LLC and its affiliated funds (“Mill Road”), a
private investment firm, to acquire all of the outstanding common
stock of the Company for $2.75 per share. Consistent with its
fiduciary duties, the Board of Directors, in consultation with its
financial and legal advisors, will review the letter and determine
the course of action it believes is in the best interests of its
stockholders. The Company will communicate future
developments in accordance with its ongoing disclosure
requirements.
The Company has retained Lincoln International
as its financial advisor.
About Huttig
Huttig, currently in its 136th year of business,
is one of the largest domestic distributors of millwork, building
materials and wood products used principally in new residential
construction and in-home improvement, remodeling and repair work.
Huttig distributes its products through 25 distribution centers
serving 41 states. Huttig's wholesale distribution centers
sell principally to building materials dealers, national buying
groups, home centers and industrial users, including makers of
manufactured homes.
For more information please contact:
Huttig Building Productsinvestor@huttig.com
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