- The stock price of Huttig Building Products Inc (NASDAQ: HBP) increased by over 17% during intraday trading. This is why it happened.
The stock price of Huttig Building Products Inc (NASDAQ: HBP) – a leading domestic distributor of millwork, building materials, and wood products – increased by over 17% during intraday trading. Investors are responding positively to Huttig Building Products announcing that its Board of Directors, consistent with its strategic review process and in consultation with its financial and legal advisors, has initiated a process to evaluate potential strategic alternatives to maximize shareholder value.
No assurances can be given regarding the outcome or timing of the review process. And Huttig has not set a timetable for completion of the review process and does not intend to disclose developments related to the process unless and until the Board determines that further disclosure is appropriate or required. Huttig retained Lincoln International as its financial advisor to assist with the strategic review process.
Last year, Huttig Building turned down an acquisition offer. The offer was made by one of the company’s major shareholders and the private investment company Mill Road Capital Management. Mill Road offered $4 per share, which was more than a 140% premium to the company’s stock price at the time.
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