KNL - Knoll rallies 29% on Herman Miller acquiring the company for $1.8B

Herman Miller (MLHR) and Knoll (KNL) entered into a definitive agreement wherein the former will acquire the latter in a cash and stock transaction valued at $1.8B.Transaction expected to close by end of Q3 of calendar year 2021 wherein Herman Miller shareholders will own ~78% of the combined company and remaining will be owned by Knoll shareholders.Under agreement terms, Knoll shareholders will receive $11 in cash and 0.32 shares of Herman Miller common stock for each share of Knoll common stock they own.The purchase price indicated a 45% premium to Knoll's Apr.16 closing share price.Also, Herman Miller will purchase all of the outstanding shares of Knoll’s preferred stock from Investindustrial VII  for a fixed cash consideration of $253M; Investindustrial entered into a voting agreement to vote in favor of the transaction at the special meeting of Knoll shareholders.Both the companies together have 19 leading brands, presence across 100+ countries with 50+ physical retail

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Knoll rallies 29% on Herman Miller acquiring the company for $1.8B