Brief: Hni Corporation To Acquire Kimball International

Kimball International

08/03/2023 12:40

March 8 (Reuters) - HNI Corp  HNI.N :
    * HNI CORPORATION TO ACQUIRE KIMBALL INTERNATIONAL
    * HNI CORP- CASH AND STOCK TRANSACTION VALUED AT
APPROXIMATELY
$485 MILLION.
    * HNI CORP - WILL ACQUIRE ALL OUTSTANDING SHARES OF KIMBALL
INTERNATIONAL IN A CASH AND STOCK TRANSACTION VALUED AT
APPROXIMATELY $485 MILLION
    * HNI CORP - AS A RESULT OF TRANSACTION, KIMBALL
INTERNATIONAL
SHAREHOLDERS WILL OWN APPROXIMATELY 10% OF COMBINED COMPANY
    * HNI CORP - COMBINED COMPANY WILL CONTINUE TO BE LED BY
JEFF
LORENGER, HNI'S CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER
    * HNI CORP - COMBINATION IS EXPECTED TO GENERATE $25 MILLION
OF
ANNUAL RUN-RATE COST SYNERGIES WITHIN THREE YEARS OF CLOSING
    * HNI CORP - KIMBALL INTERNATIONAL SHAREHOLDERS WILL RECEIVE
$9.00
IN CASH AND 0.1301 SHARES OF HNI COMMON STOCK FOR EACH SHARE OF
KIMBALL INTERNATIONAL
    * HNI CORP- FOLLOWING CLOSE OF TRANSACTION, COMBINED CO TO 
CONTINUE TO BE LED BY JEFF LORENGER, HNI'S CHAIRMAN, PRESIDENT,
AND CHIEF EXECUTIVE OFFICER
    * HNI CORP - COMBINATION IS EXPECTED TO GENERATE $25 MILLION
OF
ANNUAL RUN-RATE COST SYNERGIES WITHIN THREE YEARS OF CLOSING
    * HNI-COMBINED CO WILL HAVE PRO FORMA ANNUAL REVENUE OF
ABOUT $3.1
BILLION & PRO FORMA ADJUSTED EBITDA OF ABOUT $290 MILLION,
INCLUSIVE OF ANNUAL RUN-RATE SYNERGIES

Source text for Eikon:  ID:nBw7KqhNJa 
Further company coverage:  HNI.N 

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