M&A · Industrials · Miscellaneous Furniture & Fixtures
Herman Miller Inc to acquire Knoll Inc
Announced Apr 19, 2021 · Closed Jul 20, 2021
Deal value$1.80BEV $1.80B
Premium45.0%To unaffected price
EV / Adj. EBITDA14.3x1.5x EV / Revenue
ConsiderationCash and stock$25.06 per share
Transaction
- Acquirer
- Herman Miller Inc (MLHR)
- Target
- Knoll Inc (KNL)
- Buyer type
- Strategic
- Offer price per share
- $25.06
- Enterprise value
- $1.80B
- Status
- Closed Jul 20, 2021
Deal protections
- Break fee (target pays)
- $43.0M · 2.4%
- Reverse fee (buyer pays)
- $74.0M · 4.1%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, Wells Fargo, JPMorgan, KeyBanc Capital Markets, Truist Securities
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- BofA Securities
Sector context · Industrials
- Comparable deals
- 21 in the prior 24 months
- Premium
- 45.0% vs. 24.0% sector median
- EV / Adj. EBITDA
- 14.3x vs. 10.3x sector median
- Break fee
- 2.4% vs. 2.4% sector median
Timeline
- AnnouncedApr 19, 2021
- Proxy filedJun 11, 2021
- Definitive proxyJun 11, 2021
- Shareholder voteJul 13, 2021
- ClosedJul 20, 2021
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$19.20$23.19
Discounted cash flowGoldman Sachs$30.07$35.85
Premiums paidGoldman Sachs$21.00$25.00
Premiums paidGoldman Sachs$25.00$29.00
Precedent transactionsGoldman Sachs$17.00$24.00
Trading comparablesBofA Securities$5.75$13.00
Trading comparablesBofA Securities$8.75$13.25
Trading comparablesBofA Securities$12.00$18.50
Trading comparablesBofA Securities$14.75$24.75
Trading comparablesBofA Securities$6.00$13.25
Offer $25.06
Implied value per Knoll Inc share by analysis, from Goldman Sachs and BofA Securities · DCF discount rate 8.5%–10%.