Flexsteel Industries Stock Pops On 22% Premium Take Over Bid From CSC Generation

by Shivani Kumaresan, Benzinga Staff Writer

August 24, 2022 10:31 AM | 1 min read | Make a Comment

Flexsteel Industries Inc 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.