Mill Road Capital Offers $20/ Share For Remaining Stake In Lifetime Brands

(RTTNews) - Private investment firm Mill Road Capital Management LLC late Monday announced that the company and and its affiliated funds submitted an offer to acquire the remaining stake that it does not own in Lifetime Brands, Inc. (LCUT) at a cash price of $20 per share.

As of March 10, Mill Road owned in excess of 10% of Lifetime Brands, a provider of branded kitchenware, tableware and other products used in the home, and had a cost basis of approximately $13.50 per share.

In a letter to the Board of Directors of Lifetime Brands, the company said the deal price represents a premium of 37.5% to the closing price on March 10, and is a premium to any price at which the stock has closed since 2008.

Mill Road are long time stockholders of Lifetime Brands, first purchasing shares in 2011.