HNI Corporation has set a December 4, 2025 deadline for Steelcase Inc. shareholders to elect the consideration they will receive in the $2.2 billion acquisition. Shareholders who have not yet chosen cash, stock, or a mixed option must submit their election forms, along with any required share certificates or guaranteed delivery notices, to Equiniti Trust Company, the exchange agent, by 5:00 p.m. Eastern Time on the deadline date.
Under the terms of the agreement, each Steelcase share will be exchanged for $7.20 in cash and 0.2192 shares of HNI common stock, implying a purchase price of $18.30 per Steelcase share. The transaction will leave HNI shareholders with approximately 64 % ownership of the combined company and Steelcase shareholders with about 36 %.
The merger is driven by complementary product portfolios and dealer networks that will expand customer reach across healthcare, education, hospitality, and corporate markets. HNI projects annual run‑rate synergies of $120 million once fully realized, and the combined entity is expected to be accretive to non‑GAAP earnings per share beginning in 2027. The deal also positions the new company to capitalize on post‑pandemic trends such as hybrid work models, technology integration, and a focus on employee well‑being.
Financially, HNI reported Q3 2025 non‑GAAP diluted EPS of $1.10, beating analyst expectations of $1.07, while revenue of $683.8 million fell short of the $696.2 million estimate, reflecting a 10.8 % operating margin that is the highest in the quarter. Steelcase posted Q3 fiscal 2025 revenue of $794.9 million, a 2 % year‑over‑year increase, and adjusted EPS of $0.30. In Q4 fiscal 2025, Steelcase revenue was $788.0 million with adjusted EPS of $0.26, indicating steady performance across the year.
HNI Chairman, President and CEO Jeffrey Lorenger said the merger “will create a stronger, more diversified company that can better serve our customers across a broader range of industries.” He added that the combined entity will leverage shared dealer networks and complementary product lines to drive growth and operational efficiencies.
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