The modern furniture giant is entering into a deal that will see them acquire rival Knoll Inc to create a powerhouse in design-driven furniture.
The terms of the deal detail that Knoll shareholders will receive $11 in cash and 0.32 share of Herman Miller for each Knoll share owned. Upon completion, current Herman Miller shareholders will own about 78 per cent of the combined entity, and Knoll shareholders will hold around 22 per cent.
The two companies combined have 19 leading brands, 64 showrooms, over 50 stores, a global deal network and presence in more than 100 countries alongside a large-scale e-commerce network.
The companies commented in a joint statement: “This highly complementary combination will create the pre-eminent leader in modern design, catalysing the transformation of the home and office sectors at a time of unprecedented disruptions.”
The transaction is set to be closed by the end of the third quarter of 2021.
