- Flexsteel Industries Inc (NASDAQ:FLXS) has received a take-over offer from the technology company CSC Generation Holdings Inc. for $20.80 per share in cash.
- The offer represents approximately a 22% premium over the closing price of $17.10 on August 23, 2022.
- In a letter written to the Board of Directors, CSC's founder and CEO Justin Yoshimura have submitted the new proposal.
- CSC is backed by Altos Ventures, and Khosla Ventures, among others.
- CSC revealed disappointment that Flexsteel's Board has failed to respond to its recent acquisition proposal.
- Flexsteel posted mixed Q4 earnings, hurt by slowing demand, excess retail inventory, and inflationary and pricing pressures.
- Price Action: FLXS shares are trading higher by 14.63% at $19.60 on the last check Wednesday.
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