Filing Discloses Samson Stake In Furniture Brands
Furniture World Magazine
Furniture Brands International commented on the Schedule 13D filed today by Samson Holding. The filing states that as of October 1, Samson Holding Ltd. (HKSE:531) and companies controlled by Samson's chairman and deputy chairman hold approximately 7.2 million FBN common shares, or 14.9 percent of the company's outstanding shares. The filing also disclosed that Samson had previously presented a proposal to Furniture Brands with respect to a possible business combination transaction.
Furniture Brands' Board of Directors and management regularly review business strategies that have the potential to increase long-term shareholder value. The board and management considered Samson's indication of interest, which was subject to a number of conditions and uncertainties, including availability of financing. Furniture Brands previously requested further information from Samson, without which the board and its advisors have been unable to adequately evaluate the merits of Samson's indication of interest.
Ralph P. Scozzafava, Vice-Chairman and CEO Designate of Furniture Brands, said, "We are always focused on driving long-term shareholder value. Furniture Brands' board and management team believe that our business model has power and value over the long term. We believe our strategic plan, which focuses on the company's brand power, strong retail position, and operational leverage, puts Furniture Brands in an excellent position to deliver strong long-term returns to all of our shareholders.''
About Furniture Brands
Furniture Brands International is one of America's largest residential furniture companies. The company produces, sources, and markets its products under six of the best-known brand names in the industry -- Broyhill, Lane, Thomasville, Henredon, Drexel Heritage, and Maitland-Smith.