LOS ANGELES, Nov. 18, 2015 /PRNewswire/ -- B. Riley Capital Management, LLC, a unit of B. Riley Financial, Inc. (NASDAQ: RILY), has proposed a negotiated transaction to the board of directors of United Online, Inc. (NASDAQ: UNTD) to acquire all of its outstanding shares for $12.50 per share.
As of November 17, 2015, B. Riley Capital Management and its affiliates beneficially owned approximately 7.9% of the outstanding shares of United Online, a provider of consumer services and products over the Internet.
"Our proposal provides United Online shareholders immediate liquidity at a time of tremendous uncertainty, including the recent departure of the company's CEO," said Bryant Riley, CEO of B. Riley Capital Management. "Given our longstanding history with and deep knowledge of United's business, we are in a position to quickly effect the transaction."
"This proposal is consistent with our long-term strategy to make opportunistic, accretive acquisitions, where we can leverage the capabilities of the B. Riley Financial platform, which includes B. Riley & Co. LLC, our investment bank, and Great American Group, our business advisory unit," added Riley.
Additional details of the proposal are available in a Schedule 13D filed with the U.S. Security and Exchange Commission here.
About B. Riley Capital Management, LLC.
B. Riley Capital Management, LLC is an SEC Registered Investment Advisor and a wholly owned subsidiary of B. Riley Financial, Inc. (NASDAQ: RILY). B. Riley Capital Management, LLC includes B. Riley Asset Management, a provider of investment products to institutional and high net worth investors, and B. Riley Wealth Management (formally MK Capital Advisors), a multi-family office practice and wealth management firm focused on the needs of ultra-high net worth individuals and families; and Great American Capital Partners, a provider of senior secured loans and second lien secured loan facilities to middle market public and private U.S. companies.
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SOURCE B. Riley Capital Management