RTTNews | Apr 19, 2021 08:28AM EDT

08:27 Monday, April 19, 2021 (RTTNews.com) - Shares of furniture maker Knoll Inc. (KNL) are climbing more than 30% in pre-market trade on Monday on the news of its acquisition by Herman Miller Inc. (MLHR) for $1.8 billion in a cash-and-stock deal.

As per the agreement between Herman Miller and Knoll, Knoll shareholders will get $11 in cash and 0.32 shares of Herman Miller common stock for each Knoll common stock they own.

Based on Herman Miller's five-day volume weighted average price of $43.94 per share, the transaction terms imply a purchase price of $25.06 per share, a 45% premium to Knoll's closing share price on April 16, 2021.

Upon closing, about 78% of the combined company will be owned by Herman Miller shareholders and about 22% will be owned by Knoll shareholders.

KNL closed Friday's regular trading at $17.23, up 1.77%. The stock is currently at $22.55.

Read the original article on RTTNews ( https://www.rttnews.com/3185978/stock-alert-knoll-soars-30-in-pre-market-on-acquisition-by-herman-miller.aspx)

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