India, Aug. 4 -- HNI Corporation (HNI) and Steelcase (SCS) have entered into a definitive agreement under which HNI will acquire Steelcase in a cash and stock transaction, with a total consideration of approximately $2.2 billion to Steelcase shareholders. Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock for each share of Steelcase they own. The implied per share purchase price is $18.30.
Upon closing, HNI shareholders will own approximately 64% and Steelcase shareholders will own approximately 36% of the combined company. Following the close of the transaction, the combined company will continue to be led by Jeffrey Lorenger, HNI's CEO. The company projects the combination will be highly accretive to ...