LL - Why Shares of Lumber Liquidators Surged on Thursday
Shares of Lumber Liquidators (NYSE: LL) climbed more than 14% on Thursday after the company's founder took additional steps that indicate he is serious about trying to take the flooring products retailer private. It's the second straight day of double-digit gains for the company, as investors grow more excited about the prospects of a buyout for the struggling company.
Lumber Liquidators on Wednesday jumped off 52-week lows after a Bloomberg report that founder Thomas D. Sullivan was working on a bid to take the company private. Thursday's jump came after Sullivan executed call options through his F9 Investments fund to increase his stake in Lumber Liquidators to 7.7% from 6%, a clear step toward trying to influence the company's direction.
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