Herman Miller, Inc., announced that it has entered into an agreement to acquire Design Within Reach, Inc. ("DWR"), a Stamford, Connecticut based marketer and seller of modern furniture, lighting and accessories. DWR had revenues of approximately $218 million in 2013. The transaction is subject to regulatory approval or expiration of applicable waiting periods and is scheduled to close July 28, 2014. The Company will acquire an ownership interest in DWR equal to approximately 84% for an estimated $154 million in cash, subject to adjustment for net debt, changes in working capital, and other post-closing items. As a result of the transaction, the Company estimates it will receive future tax benefits with a present value of approximately $10 million.
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