Bassett Furniture Receives Cash Offer from CSC Generation 

October 11, 2022  by HFBusiness Staff in Business Strategy, Industry   

CSC is a significant shareholder of Bassett stock and on June 30 and Sept. 26, offered a price equal to $21 per share in cash for the remaining shares of common stock. The proposal was made to the Board of Directors of Bassett, who have chosen not to entertain the offer on behalf of their shareholders.

Because of this, CSC has released a letter to inform Bassett’s shareholders of their intent to purchase the shares that they believe is in the best interests of all involved.

For shareholders, the proposal represents a 27% premium over the most recent closing price of $16.51.

CSC made an offer to purchase Flexsteel in August, and their board also declined to entertain the offer.