Update: Bassett Furniture's Board of Directors unanimously rejects CSC buyout offer. Click here for more information.

Holding company CSC Generation submitted a proposal Oct. 11 to acquire Virginia-based Bassett Furniture for $21 per share in cash, an approximately 27% premium for shareholders over yesterday’s closing price.

CSC has a 2% stake in the company as of the end of June. Its offer represents a 27% premium over Bassett’s most recent closing price of $16.51. The offering price would equate to approximately $191 million.

In a statement, CSC said it "believes 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 made a similar bid for Flexsteel in August of this year, making a similar argument that the company needs to transform into a "digital first" brand. 

According to CSC, the group made a $21 per share bid to take Bassett private after spending the past several months trying to engage with Bassett’s Board – acquisition proposals were previously sent in June and September.

CSC is a retail sector holding company that acquires overlooked store and catalog-based companies and transforms them into high-performance, digital brands. 

Since CSC’s founding in 2016, it has acquired and successfully integrated a number of well-known brands, such as Sur La Table and One Kings Lane. CSC’s investors include Panasonic and family offices of domain experts like the founders of Wayfair and Build.com.