Form 4: Steelcase Director Reports Share Disposition Post-HNI Merger

A Steelcase Inc. director reported the disposition of all Class A Common Stock holdings following the company's merger into HNI Corporation.

Summary

• Connie K Duckworth, a director of Steelcase Inc., reported the disposition of 133,575 shares of Class A Common Stock.
• The transaction occurred on December 10, 2025, as Steelcase Inc. became a wholly-owned subsidiary of HNI Corporation.
• This disposition was pursuant to the Agreement and Plan of Merger, dated August 3, 2025, between HNI Corporation and Steelcase Inc.
• At the First Effective Time of the merger, each outstanding share of Steelcase Class A Common Stock was converted into merger consideration.
• Shareholders had election options for the merger consideration: (i) mixed election (0.2192 shares of HNI common stock and $7.20 in cash), (ii) cash election ($16.19 in cash and 0.0009 shares of HNI common stock), or (iii) stock election (0.3940 shares of HNI common stock).

Sentiment

Score: 5

Explanation: Neutral, as this is a factual report of a completed insider transaction following a merger, not a performance update or strategic announcement with inherent positive or negative sentiment.

Future Outlook

NA

Industry Context

This transaction reflects ongoing consolidation within the office furniture and workspace solutions industry, where companies like Steelcase and HNI compete for market share and operational efficiencies. The merger signifies a strategic move to combine resources and market presence.

Management Changes

Stakeholder Impact

• Shareholders of Steelcase Inc. received merger consideration in cash, HNI common stock, or a combination, in exchange for their Steelcase shares.
• Steelcase Inc. employees and operations are now part of HNI Corporation, potentially leading to integration efforts and changes in corporate structure.

Key Dates

Keywords

Steelcase Inc., HNI Corporation, Merger, Form 4, Insider Transaction, Director, SCS, Corporate Governance