SAN DIEGO, April 19, 2021 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Knoll Inc. (NYSE: KNL) ("Knoll" or the "Company") breached their fiduciary duties in connection with the proposed sale of the Company to Herman Miller, Inc. (NASDAQ: MLHR).
On April 19, 2021, Knoll announced that it had entered into a definitive merger agreement with Herman Miller. Under the terms of the deal, Knoll shareholders will receive $11.00 in cash and 0.32 shares of Herman Miller common stock for each share of Knoll common stock they own. Based on Herman Miller's closing stock price on April 16, 2021, this represents a total consideration of approximately $25.18 per Knoll share.
Knoll shareholders will be subject to the future price fluctuation of Herman Miller's stock price. Following the news, in pre-market trading on April 19, 2021, Herman Miller's stock was trading down over 12%.
The investigation concerns whether the Knoll board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Knoll shares of common stock. Nationally recognized, Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings and revenue growth.
If you are a shareholder of Knoll and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson Fistel, LLP