HNI Corporation and Steelcase Inc. have announced an important deadline for Steelcase shareholders regarding the election of the form of merger consideration they wish to receive in connection with HNI's proposed acquisition of Steelcase. The deadline for shareholders to make their election is set for 5:00 p.m., Eastern Time, on December 4, 2025.
According to the terms outlined, any Steelcase shareholder whose election form is not received in proper form by the exchange agent by the election deadline will be deemed to have made a mixed election, entitling them to receive, for each share of Steelcase common stock held, a combination of 0.2192 shares of HNI common stock and $7.20 in cash without interest.
Elections made by Steelcase shareholders to receive all cash or all stock consideration will be subject to automatic adjustment to ensure that the total amount of cash paid and the total number of shares of HNI common stock issued in the transaction is the same as what would be paid and issued if all holders of Steelcase common stock entitled to the merger consideration were to receive the mixed consideration at the effective time of the transaction.
Steelcase shareholders, including those that acquired their shares after October 30, 2025, may request copies of the election materials and direct any questions regarding the election to Georgeson LLC.
For the purposes of determining the merger consideration payable to Steelcase shareholders that have elected to receive all cash or all stock consideration, the "HNI common stock reference price" and "parent common stock reference price" will be calculated as the volume-weighted average closing price of one share of HNI common stock on the New York Stock Exchange for the period of 10 consecutive trading days ending on the second full trading day preceding the closing date.
This announcement comes as HNI Corporation and Steelcase Inc. continue to progress toward the completion of the transaction, which remains subject to approval by HNI and Steelcase shareholders and the satisfaction or waiver of other customary closing conditions. The market has reacted to these announcements by moving the company's shares 1.28% to a price of $16.175. If you want to know more, read the company's complete 8-K report here.
