Bassett Comments on Proposal by CSC Generation Holdings
11 Octobre 2022 - 10:10PM
Bassett Furniture Industries, Inc. (Nasdaq: BSET) today commented
that its Board of Directors, in consultation with its independent
financial and legal advisors, previously found that two
unsolicited, preliminary non-binding proposals from CSC Generation
Holdings, Inc. (“CSC”) to acquire Bassett significantly undervalued
the Company and, as a result, rejected both proposals. The most
recent proposal, which CSC has made public today, was for $21.00
per share in cash.
Robert H. Spilman, Jr., Chairman and CEO, said, “CSC’s effort to
make the proposal public does not change the fact that it
undervalues the company. 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.”
Added Spilman, “CSC acquired a large number of shares in the
company earlier this year, of which the majority were sold shortly
thereafter, and Bassett has proactively engaged with CSC
consistently since the company became aware of CSC’s investment.
During those discussions, it was of particular interest to us that
CSC founder, Justin Yoshimura, first broached the idea of a
commercial partnership with the company and admitted that the
category of retail which Bassett operates in was particularly
difficult for them and their experience with Sur La Table is not
entirely transferable to furniture. This lack of understanding of
our business, the necessity of our omnichannel strategy and the
multitude of highly collaborative relationships and partnerships
that Bassett has successfully cultivated over 120 years reinforced
our concerns about CSC’s approach.”
The Bassett Board of Directors will 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.
Raymond James is serving as financial advisor to Bassett.
McGuireWoods and Vinson & Elkins are serving as legal counsel
to Bassett.
About Bassett Furniture Industries, Inc.Bassett
Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer
and marketer of high quality home furnishings. With 92 company- and
licensee-owned stores at the time of this release, Bassett has
leveraged its strong brand name in furniture into a network of
corporate and licensed stores that focus on providing consumers
with a friendly environment for buying furniture and accessories.
Bassett’s retail strategy includes stylish, custom-built furniture
that features the latest on-trend furniture styles, free in-home
design visits, and coordinated decorating accessories. Bassett also
has a traditional wholesale business with more than 700 accounts on
the open market, across the United States. For more information,
visit the Company’s website at bassettfurniture.com. (BSET-E)
J. Michael Daniel, Senior VicePresident and Chief
FinancialOfficer(276) 629-6614 - Investors
Peter D. Morrison, Vice President ofCommunications(276) 629-6387
– Media
Dan GagnierGagnier Communications(646) 342-8087 – Media
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