Gregory Burns

Reuben Garner

Steven Ramsey

Joseph Gomes

Brian Gordon

Joe Gomes

- HNI Corporation has received consents from Eligible Holders representing **77.83%** in principal amount of Steelcase's **5.125% Notes due 2029** as part of an exchange offer and consent solicitation related to HNI's acquisition of Steelcase.  **[1050825_5ba28b248e5641698e426058ccd07f9f_0]** **[1050825_5ba28b248e5641698e426058ccd07f9f_1]** 
- The withdrawal deadline for the exchange offer expired on **October 9, 2025, at 5:00 p.m., New York City time**, meaning tendered notes and delivered consents can no longer be revoked.  **[1050825_5ba28b248e5641698e426058ccd07f9f_0]** 
- Eligible Holders who tendered their Existing Steelcase Notes by the Early Tender Date of **October 9, 2025**, are eligible to receive **$1,000 principal amount of New HNI Notes** plus a **$2.50 cash consent payment** per $1,000 principal amount.  **[1050825_5ba28b248e5641698e426058ccd07f9f_1]** 
- Steelcase has executed a supplemental indenture to effectuate proposed amendments to the Existing Steelcase Indenture, which will become operative upon the settlement of the Exchange Offer and Consent Solicitation.  **[1050825_5ba28b248e5641698e426058ccd07f9f_0]**

Steelcase: HNI Corporation Announces Early Participation Results for Note Exchange Offer

- **Steelcase (SCS) reported strong Q2 fiscal 2026 financial results**, with **revenue of $897 million** and **adjusted earnings of $0.45 per share**, both exceeding expectations.  **[1050825_2157332_2]** 
- The company achieved **5% revenue growth** (4% organic) and **6% order growth** year-over-year, primarily driven by **large corporate customers in the Americas** and strong international performance in India.  **[1050825_2157332_1]** **[1050825_2157332_2]** 
- Adjusted operating margin improved by **40 basis points to 8.4%**, with the Americas segment achieving an **11% adjusted operating margin**.  **[1050825_2157332_2]** 
- Steelcase is **not providing forward-looking guidance** due to its pending merger with **HNI Corporation**, which is expected to close by the **end of calendar year 2025**.  **[1050825_2157332_1]** **[1050825_2157332_2]**

Steelcase reports strong Q2 fiscal 2026 results, driven by large corporate customer growth

- The Ademi Firm is investigating **Steelcase (NYSE: SCS)** for potential breaches of fiduciary duty and other violations of law concerning its transaction with HNI Corporation.  **[1050825_725f830987f942c68f1a6b4ae639830c_0]** 
- Steelcase shareholders are expected to receive **$7.20 in cash and 0.2192 shares of HNI common stock** for each Steelcase share, in a transaction valued at approximately **$2.2 billion**.  **[1050825_725f830987f942c68f1a6b4ae639830c_0]** 
- The implied per-share purchase price is **$18.30**, calculated using HNI's closing share price of **$50.62 on August 1, 2025**.  **[1050825_725f830987f942c68f1a6b4ae639830c_0]** 
- The investigation also highlights concerns regarding substantial benefits for Steelcase insiders from change of control arrangements and a significant penalty imposed if Steelcase accepts a competing bid.  **[1050825_725f830987f942c68f1a6b4ae639830c_0]**

STEELCASE (SCS)