ST. LOUIS–Furniture Brands International last night rejected an unsolicited bid from Sun Capital Securities Group, LLC, to purchase all outstanding shares of Furniture Brand’s common stock, stating that Sun Capital did not include an offer price, and that Furniture Brands’ strategic plan is “on track.”
Sun Capital, Furniture Brands’ third-largest shareholder, with 4.6 million shares, or about 9.45 percent, of Furniture Brands, had said it would pay a “substantial premium” to Furniture Brands’ Tuesday closing price of $10.18 per share. Sun Capital, which owns Rowe and Lexington Home Brands, among other home furnishings holdings, would also be a competitor, Furniture Brands officials stated.