Knoll Inc., the storied Montgomery County furniture and textile designer and manufacturer, is just days away from being acquired by longtime competitor Herman Miller Inc. for $1.8 billion.
ZEELAND, Mich. and EAST GREENVILLE, Pa., July 13, 2021 (GLOBE NEWSWIRE) — Herman Miller, Inc. (“Herman Miller”) (NASDAQ: MLHR) and Knoll, Inc. (“Knoll”) (NYSE: KNL) announced that, at their respective special meetings held today, Herman Miller and Knoll shareholders overwhelmingly approved their respective proposals required in order to consummate the pending acquisition of Knoll by Herman Miller. Upon completion of the transaction, 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.
Knoll Inc (NYSE: KNL) shares gained 1.8850% to end trading Thursday at $26.48 per share – a net change of $0.49. Shares traded between $26.57 and $26.14 throughout the day.
Halper Sadeh LLP, a global investor rights law firm, is investigating whether the merger of Herman Miller, Inc. (NASDAQ: MLHR) and Knoll, Inc. is fair to Herman Miller shareholders. Under the terms of the merger, Knoll shareholders are expected to receive a combination of cash and Herman Miller stock. Upon completion of the transaction, Herman Miller shareholders will own approximately 78% of the combined company.
During what is an already unique time for the office-furniture market comes a splashy move from major player Herman Miller.
Today, Herman Miller announced its $1.8 billion acquisition of Knoll Inc., one of its leading competitors in the design, manufacturing, and retailing of office and home furniture. The move is a cash-and-stock deal, with Knoll shareholders receiving the equivalent of $24.18 per share in the form of $11 in cash and 0.32 of a Herman Miller share, according to Bloomberg.
Knoll Inc (NYSE: KNL) shares gained 2.14% to end trading Thursday at $16.70 per share – a net change of $0.35. Shares traded between $16.71 and $16.13 throughout the day.
338752 shares of Knoll Inc exchanged hands.
Visit Knoll Inc’s profile for more information.
EAST GREENVILLE, Pa. – Knoll Inc. said it is well positioned for 2021 after adjusting its marketing and manufacturing strategies to meet the needs of post-pandemic hybrid workplaces.
Knoll, ranked No. 14 in the FDMC 300, reported net earnings of $7.7 million for 2020, a precipitous drop from $59.8 million in 2019. The company’s 2020 sales totaled $1.236 billion in 2020, a 13.4% decrease from 2019. The decline was especially pronounced in the company’s commercial office furniture category. Workplace sales plunged 22% as COVID-19 forced millions of Americans to work from home and prompted many businesses to hit the pause button on office furniture purchases.
EAST GREENVILLE, Pa., Feb. 16, 2021 (GLOBE NEWSWIRE) — Knoll, Inc. (NYSE: KNL), a constellation of design-driven brands and people, working together with clients in person and digitally to create inspired modern interiors for workplaces and homes, today announced the appointment of Esohe Omoruyi as Executive Vice President of Consumer & Digital Commerce, reporting to Andrew Cogan, Chairman and CEO.
EAST GREENVILLE, Pa. – As Knoll Chairman and CEO Andrew Cogan and CFO Charles Rayfield stated in their annual letter to shareholders, “2020 was a year of unimaginable challenge.” All important financial results declined for the fourth quarter and full year 2020.
Knoll, Inc., a designer and manufacturer of workplace and residential furniture, is expanding its operations in Quakertown and East Greenville, Pennsylvania. This project is expected to create at least 138 new, full-time jobs and will position the company for future growth in the state.
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