Kimball International jumps on $485 mln buyout deal from HNI Corp

Kimball International

08/03/2023 12:17

** Shares of commercial furnishings company Kimball
International Inc  KBAL.O  surge 71.3% to $11.49 premarket
    ** HNI Corp  HNI.N  to acquire KBAL in a cash and stock deal
valued at about $485 mln
    ** Deal is expected to generate $25 mln of annual run-rate
cost synergies within three years of closing - HNI
    ** Combined company will have pro forma annual revenue of
about $3.1 bln, HNI says
    ** Deal is expected to close by mid-2023
    ** Up to last close, stock up 3.2% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))