Steelcase Inc (SCS) NPV

HNI Corporation has made an offer to buy Steelcase Inc. Shareholders are being offered USD7.20 in cash and 0.2192 of a HNI Corporation share for each Steelcase Inc share. The offer is subject to shareholder approval at a meeting scheduled on 5 December 2025 and the satisfaction of certain customary closing conditions.

If approved, the transaction is expected to close in December 2025, with the cash and share consideration to be distributed shortly thereafter. It is expected that trading in Steelcase Inc shares will be halted shortly before completion of the merger.

To give an instruction for the Mix & Match alternative – act by noon on Wednesday 3 December 2025

Mix and Match facility

A mix and match facility is available allowing you to vary the amount of cash and shares you receive under the offer. You may elect to receive additional HNI Corporation shares instead of cash or additional cash instead of HNI Corporation shares. Elections
for excess shares or cash will only be satisfied to the extent that other shareholders make equal and opposite elections and may therefore be subject to scaling back, i.e. you may still receive a combination of both cash and shares.

The terms of the mix and match facility are as follows:

•    Maximum cash. You can elect to receive additional cash in place of the 0.2192 HNI Corporation shares. The exact amount will depend on the HNI share reference price, which is calculated as the volume-weighted average closing price of HNI stock over the 10 trading days ending two business days before the merger closes. This is in addition to the USD7.20 in cash payable for each Steelcase Inc share.

•    Maximum shares. You can elect to receive additional HNI Corporation shares instead of the USD7.20 cash component. The number of shares you will receive will be based on the same calculations as described above. This is in addition to the 0.2192 of a HNI Corporation share due for each Steelcase Metals Inc share.

Elections for maximum cash or maximum shares could be scaled back, so you may not get all of the cash or shares you ask for.

Full details of this event will be sent to Qualifying Hargreaves Lansdown clients by either post or secure message. Please note that any instruction you give must be based on the full details provided in the letter/message and not on the summary information outlined above.