RTTNews | Apr 19, 2021 07:14AM EDT

07:14 Monday, April 19, 2021 (RTTNews.com) - Herman Miller, Inc. (MLHR) and Knoll Inc. (KNL) have entered into a definitive agreement under which Herman Miller will acquire Knoll in a cash and stock deal valued at $1.8 billion. Knoll shareholders will receive $11.00 in cash and 0.32 shares of Herman Miller common stock for each share of Knoll common stock they own. This imply a purchase price of $25.06 per share.

Upon completion, Herman Miller shareholders will own approximately 78% of the combined company and Knoll shareholders will own approximately 22%. Owen will serve as President and Chief Executive Officer of the combined company.

In connection with the closing of the deal, Herman Miller will purchase all of the outstanding shares of Knoll's preferred stock from Investindustrial for a fixed cash consideration of $253 million, an equivalent price of $25.06 for each underlying share of Knoll stock.

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