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

Kimball International

08/03/2023 15:56

(Updates)
    ** Shares of commercial furnishings company Kimball
International Inc  KBAL.O  surge 83.6% to $12.33 in early trade
    ** Stock hits highest in nearly two years
    ** HNI Corp  HNI.N  down 10.2% at $26.87
    ** HNI 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
    ** Including session's gain, stock is up 89.3% YTD; it had
fallen 36.5% in 2022

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