HNI Corporation, which manufactures workplace furnishings, said it will acquire Steelcase in a $2.2 billion deal.

HNI Corporation has agreed to acquire Steelcase Inc. Read what this deal means for the stocks here. Click here to find out why HNI stock is a Hold.

Shares of Steelcase soared more than 50% Monday morning after the office furniture maker agreed to be acquired by HNI Corporation for $2.2 billion in cash and stock.