Diversified investment company Live Ventures has proposed to acquire 100 per cent of hard-surface flooring retailer LL Flooring Holdings for $5.85 per share.

The non-binding all-cash offer equals an aggregate equity value of approximately $194.4 million.

“Our goal is to facilitate constructive discussions with the board and enter into a mutually agreeable transaction that is in the best interests of all LL Flooring shareholders,” Jon Isaac, president and CEO of Live Ventures, said in a letter.

The company said it strategically focuses on acquisitions of domestic middle-market companies, with flooring being one of the key segments.

A transaction between Live Ventures and LL Flooring, which includes 442 stores spanning 47 states across the US, would be “synergistic” with the company’s portfolio, which includes Marquis Industries and Flooring Liquidators.

The firm posted approximately $290 million in sales and roughly $40 million in adjusted earnings last year. 

LL Flooring said in August that it was exploring strategic alternatives, including a possible sale. The company has seen its stock price tumble more than 78 per cent in the past five years