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Kimball International (NASDAQ:KBAL) shares are trading higher on Wednesday after HNI Corporation announced it will acquire the company for $485 million.
Under the terms of the agreement, Kimball International shareholders will receive $9.00 in cash and 0.1301 shares of HNI common stock for each share of Kimball International common stock they own. As a result of the transaction, Kimball International shareholders will own approximately 10% of the combined company.
Kristie Juster, Kimball International's CEO said, "Joining HNI is an important next step in our company's history and will provide our employees with more opportunities for career growth and development as part of a larger, more diversified industry leader that also shares our deeply rooted values. We are confident that combining with HNI represents the ideal fit for our family of brands and will deliver enhanced value to all stakeholders."
Kimball International is a commercial furnishings company with a well-established family of brands and extensive expertise in the workplace, health, and hospitality segments. In addition, both companies have strong brand positions and complementary product portfolios.
KBAL Price Action: Kimball has a 52-week high of $9.49 and a 52-week low of $6.11.
Kimball shares are up 83.7% at $12.33 at the time of writing, according to Benzinga Pro.
Posted In: KBAL
