USA – Flexsteel Industries, Inc. announced that its Board of Directors, in consultation with its independent financial and legal advisors, has unanimously rejected the unsolicited, preliminary non-binding proposal from CSC Generation Holdings, Inc. (“CSC”) to acquire Flexsteel for USD 20.80 per share in cash.

“After careful review and consideration of CSC’s unsolicited proposal, our Board determined that the proposal substantially undervalues Flexsteel, is opportunistic, and is not in the best interest of the Company or our shareholders,” said Flexsteel Chairman Thomas M. Levine. “The Board is confident that the management team’s continued successful execution of Flexsteel’s strategic plan will generate superior long-term value for shareholders.”

Flexsteel Industries, Inc. is a global leader in the design and production of quality residential furniture and serves as the parent company to the Flexsteel and Homestyles brands. Employing more than 1,600 team members worldwide.