Flexsteel to review unsolicited takeover proposal from CSC Generation (NASDAQ:FLXS)

Flexsteel Industries (NASDAQ:FLXS) finished +14.5% in Wednesday’s trading after CSC Generation Holdings offered to acquire the residential furniture manufacturer for $20.80/share in cash, a ~22% premium to Tuesday’s closing price.

CSC Generation said it believes Flexsteel’s (FLXS) performance would be optimized under private ownership.

After the market close, Flexsteel (FLXS) confirmed receipt of the unsolicited takeover proposal, and will review and evaluate the offer.

Earlier this week, Flexsteel (FLXS) reported Q4 adjusted earnings of $0.41/share on revenues of $124.5M.

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