Back in January, LKQ Corporation (a leading provider of salvage, specialty and aftermarket auto parts), announced that its Board of Directors had initiated a comprehensive review of strategic alternatives to enhance shareholder value. As part of this review, LKQ said that its board was working with advisors to evaluate the Company’s strategic alternatives. This included a potential sale of the company.

In an official news release, John Mendel, Chairman of the Board stated,“The Board and management continually evaluate the Company’s performance and strategic positioning as part of our responsibility to maximize shareholder returns.” Mendel added that in “consistency with this commitment, we have initiated a formal review of strategic alternatives to identify the best path forward to unlock value that is not reflected in our current valuation.”

Separately, LKQ has stated that it was continuing with its previously announced process to explore the potential sale of its Specialty segment.

The Company has noted that while these initiatives are underway, currently there is no deadline or definitive timetable set for completion of this strategic review. Furthermore, LKQ said that “there can be no assurance the review will result in any transaction or other strategic outcome.” LKQ also said that it “does not intend to disclose or comment on developments related to this review unless further disclosure is appropriate or required by law.”

LKQ has engaged BofA Securities as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal counsel in this strategic review process.