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Herman Miller (NASDAQ: MLHR) has successfully completed its acquisition of Knoll (NYSE: KNL), solidifying its position as a leader in modern design. This merger brings together 19 brands, enhances global presence, and expands eCommerce capabilities. Each Knoll share is converted into 0.32 shares of Herman Miller stock and $11.00 in cash, resulting in Herman Miller shareholders owning 78% of the combined entity. CEO Andi Owen emphasizes swift realization of merger benefits, with operational continuity under established brand identities.
Herman Miller (NASDAQ: MLHR) and Knoll (NYSE: KNL) announced that their shareholders approved the acquisition proposal during a special meeting on July 13, 2021. Upon closing, Knoll shareholders will receive $11.00 in cash plus 0.32 shares of Herman Miller for each share of Knoll. The acquisition is expected to finalize on July 19, 2021, subject to the satisfaction of closing conditions. This merger aims to enhance market presence and operational synergies, further solidifying Herman Miller's position in the design industry.
Herman Miller and Knoll shareholders approved the acquisition of Knoll by Herman Miller, with shareholders set to receive $11.00 in cash and 0.32 shares of Herman Miller stock per share of Knoll. The transaction is expected to close on July 19, 2021, pending satisfaction of all closing conditions. This acquisition is positioned to enhance Herman Miller's portfolio and overall market presence.
Knoll, Inc. (NYSE:KNL) announced a quarterly cash dividend of $0.06 per share, payable on June 30, 2021, to shareholders of record on June 15, 2021. The decision on the dividend payment is contingent upon various factors including net income, financial stability, and implications from the merger agreement with Herman Miller, Inc. Knoll emphasizes its commitment to modern design and sustainability, aligning with green building standards.
Knoll (NYSE: KNL) reported Q1 2021 results with a 22.3% decline in net sales to $264.2 million, as commercial sales were significantly impacted. However, strong residential sales grew 46%, comprising almost 40% of revenues. Despite a GAAP net loss of $(1.9) million and GAAP diluted EPS of $(0.08), adjusted diluted EPS beat expectations at $0.04. Operational cost control led to a 20 bps increase in gross margin to 36.2%. The company remains optimistic about a return to growth in the commercial sector in Q2, continuing to monitor inflationary pressures.
Herman Miller will acquire Knoll in a cash and stock deal valued at $1.8 billion, expected to finalize by Q3 2021. Knoll shareholders will receive $11.00 in cash plus 0.32 Herman Miller shares per Knoll share, totaling $25.06 per share—45% above the last closing price. The merger aims to create a leader in modern design, with combined revenues of approximately $3.6 billion and enhanced digital capabilities. The deal anticipates $100 million in cost synergies within two years, improving operational efficiency and positioning for growth in the evolving office and home markets.
Herman Miller (MLHR) has announced its acquisition of Knoll (KNL) in a cash and stock deal valued at $1.8 billion. Knoll shareholders will receive $11.00 in cash and 0.32 shares of Herman Miller stock per share of Knoll. The transaction, expected to close by Q3 2021, offers a 45% premium to Knoll's share price before the announcement. The combined entity will boast annual revenue of approximately $3.6 billion and projected cost synergies of $100 million. Herman Miller will lead the integration, with a focus on enhancing product offerings, digital capabilities, and sustainability efforts.
Knoll, Inc. (NYSE:KNL) will announce its financial results for the first quarter of 2021 on April 28, 2021, after market close. A Q&A conference call will be held on the same day at 5:30 p.m. ET to address investor questions. Participants can join via North American number (844) 778-4138 or International at (661) 378-9550, using conference ID 8832956. A replay will be accessible until May 5, 2021. Knoll, Inc. specializes in design-driven furnishings for various environments, emphasizing modern design and sustainability.
Knoll, Inc. (NYSE: KNL) appointed Esohe Omoruyi as Executive Vice President of Consumer & Digital Commerce, effective immediately. She will oversee e-commerce and digital strategies, enhancing customer relationship management across various brands, including Knoll and Fully. Andrew Cogan, Chairman and CEO, highlighted Omoruyi's extensive experience in driving direct-to-consumer initiatives. Her previous roles include leadership at Facebook and L’Oreal. This announcement follows Knoll's recent report of a surge in e-commerce activity related to work-from-home trends, signaling a strategic shift towards digital commerce.
