Huttig Building Products, Inc. Confirms Receipt of Unsolicited Acquisition Proposal from Mill Road Capital

Rhea-AI Summary

Huttig Building Products (NASDAQ: HBP) has received an unsolicited offer from Mill Road Capital Management to acquire all common stock at $2.75 per share. The Board of Directors will review this proposal with financial and legal advisors to decide on the best course of action for shareholders. Huttig, a major distributor of millwork and building materials, operates 25 distribution centers across 41 states, focusing on the residential construction and home improvement markets. Future updates will be provided as required by disclosure regulations.

Positive

• Unsolicited offer at $2.75 per share indicating potential value for shareholders.
• The review process involves financial and legal advisors, ensuring due diligence.

Negative

• The offer is non-binding, introducing uncertainty regarding the outcome.
• The company may face challenges in negotiations that could affect stockholder value.

ST. LOUIS, Aug. 13, 2020 (GLOBE NEWSWIRE) -- 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 Products
investor@huttig.com

 

FAQ

What is the acquisition offer for Huttig Building Products?

Mill Road Capital Management has offered $2.75 per share for Huttig Building Products.

Who is evaluating the acquisition proposal for Huttig?

The Board of Directors, along with financial and legal advisors, is reviewing the proposal.

What does the acquisition mean for Huttig shareholders?

If accepted, the acquisition could provide shareholders with a cash exit at the offered price.

When will Huttig provide updates on the acquisition proposal?

Huttig will communicate future developments in accordance with its disclosure requirements.