Shareholders of Grand Rapids, Mich.-based Steelcase would receive $7.20 in cash and 0.2192 shares of HNI common stock for each Steelcase share they own, with an implied purchase price of $18.30 based on HNI's closing share price of $50.62 Friday. That would represent a nearly 80% premium to Steelcase's closing level of $10.18 Friday.
The transaction is expected to close by the end of the calendar year, the companies said. Upon closing, HNI shareholders would own about 64% and Steelcase shareholders roughly 36% of the combined firm.
Muscatine, Iowa-based HNI also makes workplace furnishings, as well as residential building products. The firms said their "geographic footprints and dealer networks are highly complementary, which bolsters the combined company's ability to serve more customers across diverse industry segments, including small and medium business, large corporate, healthcare, education, and hospitality customers."
The transaction is expected to close by the end of the calendar year, the companies said. Upon closing, HNI shareholders would own about 64% and Steelcase shareholders roughly 36% of the combined firm.
Muscatine, Iowa-based HNI also makes workplace furnishings, as well as residential building products. The firms said their "geographic footprints and dealer networks are highly complementary, which bolsters the combined company's ability to serve more customers across diverse industry segments, including small and medium business, large corporate, healthcare, education, and hospitality customers."
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