Flexsteel Industries (NASDAQ:FLXS) said Thursday that its board rejected the unsolicited proposal from CSC Generation Holdings to acquire the company for $20.80/share in cash, saying it substantially undervalues the company.
"Following another record-setting sales year in fiscal 2022, we continue to make notable strides in executing our strategic plan, strengthening our supply chain and investing in talent, product innovation and digital capabilities," President and CEO Jerry Dittmer said.
CSC Generation had said Flexsteel's (FLXS) performance would be optimized under private ownership.