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Stanley Furniture's go-shop period expires with no superior proposal

Stanley Furniture Co. Inc. said Feb. 6 that it did not receive a superior acquisition proposal during the 14-day go-shop period under its asset purchase agreement with Churchill Downs LLC.

The go-shop period expired at 11:59 p.m. on Feb. 5.

Stanley Furniture said it enlisted financial services companies Stephen Inc. and Stump & Co. to solicit proposals from third parties. Out of about 70 entities contacted by the pair, five executed confidentiality agreements with the company but only one submitted a proposal. Stanley Furniture said the proposal provided for less aggregate consideration and less cash consideration than the one provided under Stanley Furniture's agreement with Churchill Downs.

On Feb. 6, the company became subject to customary "no shop" provisions that limit its ability to solicit takeover bids from third parties.