secwatch.observer — SEC 8-K summary
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Issuer:     HNI CORP (HNI)
CIK:        0000048287
Form:       8-K
Filed at:   2023-03-10T23:59:59+00:00
Accession:  0000048287-23-000106
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/48287/000004828723000106/0000048287-23-000106-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/48287/000004828723000106/hni-20230307.htm
  HTML page:      https://secwatch.observer/filing/0000048287-23-000106

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