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We are prepared to immediately commence and promptly complete this diligence.Ībout CSC and its Track Record of Success in Retail and EcommerceĬSC is a technology company that acquires overlooked store and catalogue-based companies and transforms them into high-performance, “digital first” brands. Given our familiarity with Flexsteel and our deep experience in the furniture products industry, we would require limited due diligence in connection with the Transaction. We would be able to fully fund the Transaction using cash on hand and external financing from our existing lenders, such that the Transaction would not be contingent on obtaining financing.

For shareholders, our proposal represents approximately a 22% premium over yesterday’s closing price of $17.10.

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We are submitting this new proposal to acquire the Company in order to facilitate constructive discussions with the Board, with the goal of entering into a mutually agreeable Transaction that is in the best interests of all shareholders.ĬSC believes this proposal provides an attractive opportunity for shareholders to obtain immediate liquidity at a full value that exceeds what we believe the Company can be expected to achieve in the coming years if it remains on its current standalone course in the public market. We continue to firmly believe that the Company’s performance would be optimized under private ownership, and are accordingly pleased to present a new proposal to acquire 100% of the outstanding shares of common stock of Flexsteel not already owned by CSC at a price equal to $20.80 per share in cash (the “Transaction”). We are disappointed that the Board of Directors of the Company (the “Board”) has failed to respond to our recent acquisition proposal. (together with its affiliates, “CSC” or “we”) is a meaningful shareholder of Flexsteel Industries, Inc. See Yoshimura’s full letter to Flexsteel’s board below:Īs you know, CSC Generation Holdings, Inc. It added that shareholders don’t need to take action at this time and that it wouldn’t be commenting further on the proposal until its board has completed the review.