BSET - Bassett Furniture rejects latest CSC acquisition offer

Bassett Furniture Industries  ( NASDAQ: BSET ) said its board in consultation with independent financial and legal advisors found that two unsolicited acquisition proposals from CSC Generation Holdings significantly undervalued the company.

BSET confirmed that it rejected both proposals, including the one disclosed today at $21.00 per share in cash.

"The Board, with the assistance of independent legal and financial advisors, carefully considered both offers as well as the comments related to CSC’s digital first strategy and determined that the proposals substantially undervalue the company, are highly opportunistic given recent turmoil in the stock markets and not in the best interests of the company and its numerous stakeholders."

The Bassett board said it plans to continue to act in the best interests of all shareholders and is confident in Bassett’s ability to create shareholder value over the near and long-term.

Read more details on the CSC buyout offer.

For further details see: