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ST. LOUIS, Feb. 21, 2008 (PRIME NEWSWIRE) — Appliance Brands International (NYSE:FBN) today accepted that it has accustomed an unsolicited letter from Sun Capital Securities Group, LLC, cogent an absorption in accepting all outstanding shares of Appliance Brand’s accepted stock. The letter from Sun Capital is non-binding, does not accommodate an action amount for the shares, and contains abundant caveats including due diligence, and accordingly does not accommodate the company’s Lath of Directors with any allusive base aloft which to appraise the letter.
Appliance Brands Vice Chairman and CEO Ralph P. Scozzafava said, “We are active a able cardinal transformation that is already creating amount for Appliance Brands shareholders. We’re on clue with our own advancing calendar to transform this company, and we’re already seeing the absolute after-effects of our efforts. Sun Capital is acquainted of our cardinal initiatives and has to date been admiring of the plan.
“Today’s letter comes back abounding industry assemblage see the home accoutrement industry at the basal of the cycle. We accept an obligation to administer this business so that all shareholders can participate in the allowances of our cardinal plan as able-bodied as convalescent industry dynamics,” Mr. Scozzafava said.
W.G. (Mickey) Holliman, Chairman of the Board, said, “Sun Capital is not alone a actor but additionally a adversary with all-encompassing backing in the home accoutrement industry. We accede with their appraisal that Appliance Brands’ business archetypal is valuable. The lath intends to accommodate all of our accepted shareholders with the best aisle to acumen the abounding amount of that business model.
“Our lath always reviews cardinal alternatives for the company. In the abatement of 2007, the lath advised a similar, preliminary, non-binding announcement of absorption from Samson Backing Ltd. The lath requested added advice from Samson that has not been provided. The lath durably supports the cardinal plan and, again as now, is committed to creating abiding amount for all shareholders,” Mr. Holliman said.
In October 2007, the aggregation apparent its cardinal plan at an broker affair in New York. The plan is congenital on four amount elements — Build Our Brand Power, Win With Customers, Deliver Operational Excellence, and Grow and Develop Our People. Investors are encouraged to appointment the broker relations area of the company’s website at www.furniturebrands.com/Investor-Info to appearance the administration presentation as able-bodied as appearance updates to the plan that were provided at the company’s anniversary 2007 antithesis appointment call. The aggregation will abide to amend advance on the plan at its anniversary broker webcasts. In addition, CEO Ralph Scozzafava is appointed to accommodate a aggregation amend at the Raymond James Institutional Investors Appointment on March 4, 2008.
“Our administration aggregation is 100% committed to accomplishing our 2008 advantage goals, aloof as we were 100% committed to deepening our antithesis area in 2007. We were acknowledged in 2007 and today we accept the best banknote and atomic debt of any time back Appliance Brands completed a recapitalization in 1993. We attending advanced to administration the advance on our plan with all investors throughout 2008,” Mr. Scozzafava said.
About Appliance Brands
Appliance Brands International (NYSE:FBN) is a angular chip operating aggregation that is one of the nation’s arch designers, manufacturers, and retailers of home furnishings. With anniversary sales in balance of $2 billion, it markets through a advanced ambit of retail channels, from accumulation merchant food to single-brand and absolute dealers to specialized autogenous designers. Appliance Brands serves its barter through some of the best accepted and best admired brands in the appliance industry, including Broyhill, Lane, Thomasville, Drexel Heritage, Henredon, Pearson, Hickory Chair, Laneventure, and Maitland-Smith.
The Appliance Brands International logo is accessible at http://www.primenewswire.com/newsroom/prs/?pkgid=2757
Hickory Chair Furniture Reviews – Hickory Chair Furniture Reviews
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