Herman Miller, Knoll $1.8B deal to create furniture leader
Herman Miller Inc is set to buy Knoll Inc for $1.8B in cash-and-stock deal.
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Office chair maker Herman Miller Inc said on Monday it would buy peer Knoll Inc for $1.8 billion in a cash-and-stock deal, a move that would help the company expand as offices around the world start bringing their employees back to work.
Under the terms of the deal, Herman will pay Knoll shareholders $25.06 per share, representing a 45.4% premium to Knoll’s closing price on Friday.
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Knoll’s shares jumped 28.7% to $22.17 in premarket trading, while those of Herman Miller fell 13.1% to $38.51.
Herman Miller’s overall revenue fell during the COVID-19 pandemic as offices shuttered to prevent spread of the virus.
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However, Herman Miller said it has opportunity for growth as corporations look to rearrange workspaces in accordance with social distancing guidelines and as some people make their work-from-home setups permanent.
Herman Miller’s shareholders will own about 78% of the combined company, which comprises 19 brands and has a presence across over 100 countries.
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Goldman Sachs & Co is serving as the financial advisor to Herman Miller, while BofA Securities is serving Knoll.