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Time of India
04-08-2025
- Business
- Time of India
Steelcase stock skyrockets after $2.2 billion HNI buyout — what it means for investors
Steelcase HNI acquisition : Steelcase Inc shares surged more than 50% on Monday in premarket trading after the announcement that HNI Corporation will acquire the office furniture giant in a $2.2 billion deal, as per a report. The news sparked a sharp rally in Steelcase's stock price, and investors are now weighing the implications of the merger, according to InvestorsHub. What Steelcase Shareholders Will Receive in the HNI Deal Under the agreement, Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI stock for each share they own, as reported by InvestorsHub. With HNI stock closing at $50.62 last Friday, the offer values Steelcase shares at $18.30 each, a sizeable premium that explains the sharp rise in its stock, according to the report. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program ALSO READ: 72 hours of chaos: Trump just shook the $30 trillion US economy - inflation spikes, jobs stall, and investors panic by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like These Photos Captured the Exact Wrong Moment Read More Undo Combined Revenue Expected to Reach $5.8 Billion The merger positions the two companies to become a dominant force in the office furniture sector, as after the deal is completed, the combined firm is expected to generate about $5.8 billion in annual revenue and approximately $745 million in adjusted EBITDA, as per the InvestorsHub report. Steelcase and HNI outline Plans For a Stronger Future The deal is expected to close by the end of 2025 after the pending regulatory and shareholder approval of the both the companies, according to the report. Live Events Steelcase president and CEO Sara Armbruster said, 'Joining with HNI is a bold step that marks the next era for Steelcase, our customers, dealers, and employees,' adding that, 'Together, we will be positioned to redefine what's possible in the world of work, workers, and workplaces,' as quoted in the InvestorsHub report. HNI Chairman, President, and CEO Jeffrey Lorenger will lead the combined company, according to the report. Its headquarters will remain in Muscatine, Iowa, while Steelcase's operations and brand will continue in Grand Rapids, Michigan, as reported by InvestorsHub. ALSO READ: Tesla board approves $30 billion stock award for Elon Musk amid leadership uncertainty What Investors Should Know About Steelcase-HNI Deal The total consideration of $18.30 per share represents a premium over recent trading levels, giving investors a significant short-term return, as per the InvestorsHub report. After the deal closes, HNI shareholders will own about 64% of the combined company, while Steelcase investors will hold the remaining 36%, according to the InvestorsHub report. The acquisition values Steelcase at 5.8 times its trailing 12-month EBITDA and includes $120 million in projected annual cost savings, as per the report. Management expects the deal to be accretive to non-GAAP earnings per share starting in 2027, according to InvestorsHub. Some major Steelcase shareholders have already committed to supporting the deal, suggesting a smoother path to final approval, as per the report. FAQs Who will run the new combined company? Jeffrey Lorenger, the current CEO of HNI, will lead the merged firm. What's the ownership breakdown after the merger? HNI shareholders will own 64%, and Steelcase shareholders will hold 36%.
Yahoo
14-03-2025
- Business
- Yahoo
Cannabix Technologies announces Stock Option Grant and Director Resignation
VANCOUVER, British Columbia, March 14, 2025 (GLOBE NEWSWIRE) -- Cannabix Technologies Inc. (CSE: BLO) (OTC PINK: BLOZF) (Frankfurt: 8CT) (the 'Company or Cannabix') reports it is granting 3,375,000 incentive stock options to officers, directors and consultants of the Company, exercisable at $0.54 per share for five years, of which 650,000 will expire in two years and will be subject to vesting provisions. In addition, the Company reports that Thomas Clarke has resigned as a Director of the Company. The Company thanks Mr. Clarke for his contributions and wishes him well in his future endeavours. The Company has engaged Inc. ('InvestorsHub') for news release dissemination services for a fee of $20,000 USD effective May 14, 2025 until the budget is exhausted. The Company may elect to renew the engagement in the future. Consideration paid to InvestorsHub does not include any securities of the Company (address: PO Box 780, Harrisonville, MO 6470, 888-498-5839). We seek Safe Harbor. On behalf of the Board of Directors 'Rav Mlait' CEOCannabix Technologies Inc. For further information, contact the Company at The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this in to access your portfolio
