Per the agreement, HNI will acquire Grand Rapids-based office furniture manufacturer Steelcase for $2.2 billion.
According to an HNI news release, of the Steelcase shareholders that voted, over 99% voted in favor of the deal, with a separate vote approving the merger.
Steelcase shareholders will receive .2192 shares of HNI stock and $7.20 in cash per share. Once the transaction is complete, which is expected on Wednesday, HNI shareholders will control 64% of the newly combined company, with Steelcase shareholders maintaining 36%.
In a statement, Steelcase’s President and CEO Sara Armbruster stated, “Joining with HNI is a bold step that marks the next era for Steelcase, our customers, dealers, and employees. Together, we will be positioned to redefine what’s possible in the world of work, workers, and workplaces.”
Steelcase employs around 11,300 employees and boasts nearly 800 dealers across the globe. The company will retain its Grand Rapids headquarters and continue operating under the Steelcase brand name.
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