HNI Corporation Acquires Steelcase Inc. in $2.2 Billion Cash-and-Stock Deal

HNI Corporation entered into a definitive agreement to acquire Steelcase Inc. for approximately $2.2 billion in a cash-and-stock transaction. Under the deal terms, Steelcase shareholders would receive $7.20 in cash and 0.2192 shares of HNI common stock per share, and the combined company is expected to have pro forma annual revenue of about $5.8 billion.