Brief: Knoll Inc Says Cash And Stock Transaction Valued At $1.8 Billion

MillerKnoll

19/04/2021 12:03

April 19 (Reuters) - Knoll Inc  KNL.N :
    * KNOLL INC - CASH AND STOCK TRANSACTION VALUED AT $1.8
BILLION
    * HERMAN MILLER AND KNOLL TO COMBINE
    * KNOLL INC - KNOLL SHAREHOLDERS WILL RECEIVE $11.00 IN CASH
AND
0.32 SHARES OF HERMAN MILLER COMMON STOCK FOR EACH SHARE OF
KNOLL COMMON STOCK THEY OWN
    * KNOLL INC - HERMAN MILLER SHAREHOLDERS WILL OWN
APPROXIMATELY
78% OF COMBINED COMPANY
    * KNOLL INC - TRANSACTION IS NOT CONDITIONED ON FINANCING
    * KNOLL INC - HERMAN MILLER EXPECTS TO FUND CASH PORTION OF
TRANSACTION CONSIDERATION WITH A COMBINATION OF NEW DEBT AND
CASH ON HAND
    * KNOLL INC - HERMAN MILLER HAS OBTAINED A COMMITMENT FROM
GOLDMAN
SACHS FOR $1.75 BILLION OF SENIOR SECURED REVOLVING AND TERM
LOAN CREDIT FACILITIES
    * KNOLL INC - TRANSACTION IS EXPECTED TO GENERATE $100
MILLION OF
RUN-RATE COST SYNERGIES WITHIN TWO YEARS OF CLOSING,
    * KNOLL INC - TRANSACTION IS EXPECTED TO BE ACCRETIVE TO
HERMAN
MILLER'S ADJUSTED CASH EARNINGS PER SHARE IN FIRST 12 MONTHS
FOLLOWING CLOSE
    * KNOLL INC - ANDI OWEN WILL SERVE AS PRESIDENT AND CHIEF
EXECUTIVE OFFICER OF COMBINED COMPANY

Source text for Eikon:  ID:nGNX2t3PcF 
Further company coverage:  KNL.N 

 ((Reuters.Briefs@thomsonreuters.com;))