HNI Corporation and Steelcase Inc. have set a deadline for Steelcase shareholders to elect the form of merger consideration they desire in connection with HNI's proposed acquisition of Steelcase. The election deadline has been 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 such shareholder 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 (the "mixed consideration").
Elections made by Steelcase shareholders to receive all cash or all stock consideration will be subject to automatic adjustment, as applicable, 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.
The election forms and accompanying instructions were mailed to Steelcase shareholders of record as of October 30, 2025, beginning on November 6, 2025.
Steelcase Inc. (NYSE: SCS) is a global design and thought leader in the world of work, with more than 30 creative and technology partner brands. They research, design, and manufacture furnishings and solutions for various work environments, including offices, homes, and learning and health spaces. They have approximately 11,300 employees and a global community of expert Steelcase dealers in approximately 790 locations. As a result of these announcements, the company's shares have moved -0.93% on the market, and are now trading at a price of $15.97. Check out the company's full 8-K submission here.
