---
schema_version: "secwatch.filing_event.v1"
accession: "0000048287-23-000106"
form_type: "8-K"
ticker: "HNI"
cik: "0000048287"
company_name: "HNI CORP"
filed_at: "2023-03-10T23:59:59+00:00"
generated_at: "2026-06-18T06:01:33.357153+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# HNI Corp to acquire Kimball International for $9.00 cash plus 0.1301 HNI shares per share

## Summary
- Merger consideration per Kimball share: $9.00 cash + 0.1301 HNI common shares.
- HNI secured $440M bridge loan from Wells Fargo and U.S. Bank to finance the deal.
- Termination fee: Kimball pays HNI $15.8M if terminated for a superior proposal; HNI pays $24.3M if it breaches.
- Closing expected by Sept 2023 (extendable to Dec 2023) subject to Kimball shareholder and antitrust approvals.
- HNI board unanimously approved the acquisition; Kimball will become a wholly-owned subsidiary.

## SEC filing metadata
- accession: 0000048287-23-000106
- form_type: 8-K
- ticker: HNI
- cik: 0000048287
- company_name: HNI CORP
- filed_at: 2023-03-10T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/48287/000004828723000106/0000048287-23-000106-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/48287/000004828723000106/hni-20230307.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000048287-23-000106
- JSON: https://secwatch.observer/filing/0000048287-23-000106.json
- Plain text: https://secwatch.observer/filing/0000048287-23-000106.txt

## Key facts
- Material Agreements
  HNI CORP entered into Agreement and Plan of Merger with Kimball International, Inc. (effective 2023-03-07).
  - Action: entry
  - Agreement: merger
  - Counterparty: Kimball International, Inc.
  - Effective: 2023-03-07
  source text: On March 7, 2023, HNI Corporation, an Iowa corporation (the “ Company ” or “ HNI ”) entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) by and among the Company, Ozark Merger Sub, Inc., an Indiana corporation and a wholly-owned subsidiary of the Company (“ Merger Sub ”), and Kimball International, Inc., an Indiana corporation (“ Kimball ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/48287/000004828723000106/0000048287-23-000106-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.