10 Stocks Surprise With Double-Digit Gains; 4 Hit Record Highs

2. Steelcase Inc. (NYSE:SCS)

Steelcase skyrocketed by 62.87 percent to touch a new all-time high on Monday as investors gobbled up shares following news that it was set to be acquired by HNI Corporation for $2.2 billion.

During the session, its share prices rallied by as high as 68 percent at $17.13 before paring gains to end the day at $16.58 apiece.

In a statement on the same day, HNI Corporation announced that it entered into a definitive agreement with Steelcase Inc. (NYSE:SCS), under a combination of cash and stock transaction.

Under the terms, shareholders of Steelcase Inc. (NYSE:SCS) will receive $7.20 in cash and 0.2192 shares of HNI common stock for each SCS common share held. The implied per share purchase price of $18.30 was based on HNI’s closing share price of $50.62 on Friday, August 1, 2025, reflecting a valuation multiple at transaction close for Steelcase of approximately 5.8x.

Upon completion, the two parties expect the combined company to have a pro forma annual revenue of approximately $5.8 billion, pro forma Adjusted EBITDA of approximately $745 million, and 2.1x net leverage.