Steelcase reports civil suit dismissed

GRAND RAPIDS, Mich. — A civil lawsuit that had been filed against Steelcase and HNI in an effort to block the Dec. 5 shareholder vote on whether or not the approve the merger has been dismissed according to a comment from Steelcases' marketing department.

According to M/Live, Dean Drulias, a Steelcase shareholder since 2016, filed a civil suit Nov. 18 to place an injunction preventing Steelcase and its directors from closing the shareholder vote of the sale until there is full disclosure of the “questionable economics,” and “troubling motivations and conflicts of interest” in the sale.

In August, HNI and Steelcase entered into a definitive agreement under which HNI would acquire Steelcase in a cash and stock transaction, with a total value of approximately $2.2 billion to Steelcase common shareholders.

 

.

Have something to say? Share your thoughts with us in the comments below.