Mill Road Capital, a private investment firm, offered to acquire Huttig Building Products, a distributor of millwork, building materials and wood products, for $71m. "Given our experience in the public markets, we recognize the inherent difficulties of creating value for shareholders as a public, micro-cap company. There is very little sell-side analyst coverage and minimal demand for micro-cap stocks. Institutional investors avoid stocks like Huttig; it is difficult to accumulate a position and any attempt to sell large blocks can materially depress the share price for months. As a result, microcaps often attract short-term shareholders who look for “quick wins” and actively dissuade management from making sensible investments in long-term value-creation. We hope that the Board of Directors finds this proposal compelling for the Company’s shareholders and we look forward to working with you in connection with a transaction," Mill Road Capital.