10:31 AM EDT, 08/04/2025 (MT Newswires) -- (Updates with recent stock move in headline and first paragraph.)

HNI (HNI) shares dropped more than 13% in recent trading on Monday after it entered into an agreement to buy Steelcase ( SCS ) in a roughly $2.20 billion cash-and-stock deal.

Steelcase ( SCS ) stockholders will receive $7.20 in cash and 0.2192 HNI common shares for each Steelcase ( SCS ) share owned, the companies said Monday.

They also said HNI stockholders will own nearly 64% of the combined company and Steelcase ( SCS ) shareholders roughly 36% upon deal closure, which will likely occur by yearend 2025.

HNI CEO and Chair Jeffrey Lorenger will continue to lead the combined company after deal completion, the companies said, adding that HNI's board will expand to 12 directors from 10, including two of Steelcase's ( SCS ) current independent board members.

Price: 43.59, Change: -7.03, Percent Change: -13.89