M&A
confidence high
sentiment neutral
materiality 0.85
Kimball International enters merger agreement with HNI Corporation for cash and stock
KIMBALL INTERNATIONAL INC
- Kimball shareholders to receive $9.00 cash + 0.1301 HNI shares per KBAL share.
- Kimball board unanimously recommends adoption of the merger agreement.
- HNI committed $440M debt financing from Wells Fargo and U.S. Bank for the transaction.
- Termination fees: Kimball pays $15.8M; HNI pays $24.3M under specified conditions.
- Bylaws amended to designate Indiana state/federal courts as exclusive forum for legal actions.