BSET - Bassett Furniture stock gains on $21/share acquisition bid from CSC Generation

• Bassett Furniture ( NASDAQ: BSET ) shares gained 17% premarket on Tuesday after it received $21/share all-cash acquisition proposal from CSC Generation.
• CSC Generation, a significant BSET shareholder, proposed to acquire 100% of the outstanding shares of BSET common stock not already owned by CSC at a price equal to $21/share in cash, representing a 27% premium over the most recent closing price of $16.51.
• The transaction will be funded using cash on hand and external financing from existing lenders.
• In the proposal sent to Bassett ( BSET ), CSC said that: "Based on our experience and today’s post-pandemic environment, we believe transformation is needed at Bassett and that a successful outcome can only be executed as a private business with the additional resources of a digitally native owner like CSC."
• The deal would be subject to receipt of required board and shareholder approvals, governmental and third-party approvals, limited confirmatory due diligence, and the negotiation and execution of a definitive merger agreement.

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