BASSETT, Va. – CSC Generation has made a bid to acquire 100% of the outstanding shares of Bassett Furniture Corp. in an all-cash deal for $21 per share.
The deal would be funded with a combination of cash and external financing from existing lenders, according to a notice on Seeking Alpha.
CSC said already is a significant shareholder in Bassett. The latest offer proposes it acquire the remaining shares for $21 per share, which represents a 27% premium over the most recent closing price of $16.61.
“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,” CSC said in making the proposal, which would be subject to board and shareholder approval as well as governmental and third-party.
Bassett Furniture was not immediately available to comment on CSC’s offer.