GRAND RAPIDS, Mich. (WOOD) — Steelcase shareholders on Friday voted to approve a merger between the furniture company and Iowa company HNI.
HNI is set to acquire Steelcase in a $2.2 billion deal. Of the Steelcase shareholders that voted, around 99.60% voted to approve the deal, HNI said in a release. In a separate vote, HNI shareholders also voted to approve the merger.
Shareholders are set to get .2192 shares of HNI stock and $7.20 in cash for each share. Once the merge is complete, HNI shareholders are expected to hold around 64% of the new combined company, while Steelcase shareholders will carry the other 36%.
Steelcase to be sold to Iowa company in $2.2 billion deal
The deal is expected to close on Wednesday, Dec. 10…