MUSCATINE, Iowa – HNI Corporation and Steelcase Inc. announced today, Dec. 5, the preliminary Steelcase shareholders voting results regarding the form of merger consideration to be received as part of HNI’s proposed acquisition of Steelcase. The vote is a critical step in a merger process that began in early August when the two companies announced a $2.2 billion agreement in which HNI would acquire Steelcase and combine the two office furnishing giants into a single company.
As part of the deal announced in August, the combined company would be known as HNI and both HNI and Steelcase would retain their respective headquarters in Muscatine and Grand Rapids, Michigan.
In a joint news release Friday, the companies said Steelcase shareholders were given three options for each share of Steelcase Class A common stock they owned. As reported last month to the Securities and Exchange Commission, Steelcase shareholders could elect from three options. They are: receive 0.2192 shares of HNI common stock and $7.20 in cash (known as the “Mixed Consideration”) per share; accept a Cash Consideration equal to $7.20 and the product obtained by multiplying 0.2192 by the average closing price of one share of HNI Common Stock; or a Stock Consideration, a number of shares of HNI Common Stock equal to the sum of 0.2192 and the quotient obtained by dividing $7.20 by the HNI Common Stock Reference Price.
