HNI Corp to acquire Steelcase Inc. for $7.20 cash plus 0.2192 shares per Steelcase share

HNI CORP

Merger consideration per Steelcase share: mixed of 0.2192 HNI shares + $7.20 cash, or all cash, or all stock.
HNI secured $1.1B bridge loan from JPMorgan and Wells Fargo to fund cash consideration and refinance debt.
Termination fees: Steelcase pays $67M; HNI pays $71M or $134M in specified termination scenarios.
Voting agreements with Pew, Taylor, Niemann cover ~5% of Steelcase shares post conversion of Class B to Class A.
Steelcase Class B common stock to be converted to Class A within 10 business days under Pew Voting Agreement.

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