[8-K] HEIDRICK & STRUGGLES INTERNATIONAL INC Reports Material Event

Rhea-AI Filing Summary

Heidrick & Struggles International, Inc. (HSII) announced that a key regulatory milestone for its planned acquisition by Heron BidCo, LLC has been reached. The waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act for the merger of Heidrick & Struggles with Heron Merger Sub, Inc. expired at 11:59 p.m. Eastern Time on November 17, 2025, satisfying an important antitrust condition for the transaction.

The company also received antitrust clearance for the merger from authorities in Germany on October 30, 2025 and in Australia on November 5, 2025. With these approvals in place, all antitrust-related conditions referenced in the merger agreement have been met, although the deal still depends on remaining conditions, including stockholder approval and other customary closing requirements.

Insights

M&A and regulatory risk analyst

Key antitrust clearances reduce regulatory risk for the HSII take-private deal.

Heidrick & Struggles reports that the Hart-Scott-Rodino waiting period for its merger with entities controlled by Heron BidCo, LLC has expired, and that antitrust authorities in Germany and Australia have also cleared the transaction. These steps satisfy the merger agreement’s conditions related to competition approvals in the U.S. and key foreign jurisdictions.

This development lowers the risk that competition regulators could block or materially delay the deal, leaving the remaining conditions focused on stockholder approval and other customary closing items described in the merger agreement. The transaction structure, with Heidrick & Struggles surviving as a wholly owned subsidiary of Parent, remains unchanged in this update.

The company highlights typical forward-looking risks, including the possibility that the merger is not completed, potential termination of the merger agreement, and effects of the pending transaction on business relationships and talent retention. Subsequent disclosures tied to the definitive proxy process and any stockholder vote will clarify whether the deal proceeds to closing.

HEIDRICK & STRUGGLES INTERNATIONAL INC false 0001066605 0001066605 2025-11-17 2025-11-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 17, 2025

HEIDRICK & STRUGGLES INTERNATIONAL, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware		000-25837		36-2681268
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)
233 South Wacker Drive, Suite 4900
Chicago, Illinois				60606-6303
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (312) 496-1200

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value		HSII		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

As previously disclosed in our Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on October 6, 2025, Heidrick & Struggles International, Inc., a Delaware corporation, (the “Company”), entered into Agreement and Plan of Merger, dated October 5, 2025 (the “Merger Agreement”), with Heron BidCo, LLC (“Parent”) and Heron Merger Sub, Inc., a direct wholly-owned subsidiary of Parent (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent (the “Merger”)

The completion of the Merger is conditioned upon, among other things, the expiration or termination of the waiting period (and any extension thereof) applicable to the Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). At 11:59 p.m., Eastern Time, on November 17, 2025, the waiting period applicable to the Merger under the HSR Act expired. The Merger has also received clearance from the antitrust authorities in Germany on October 30, 2025, and from antitrust authorities in Australia on November 5, 2025. Accordingly, the portion of the conditions to the Merger relating to the expiration or termination of the waiting period under the HSR Act and other antitrust authorities has been satisfied. The Merger continues to be subject to the remaining conditions set forth in the Merger Agreement.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains not only historical information, but also forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, including the timing of the proposed transactions contemplated by that certain Merger Agreement and other information relating to the proposed transactions contemplated by the Merger Agreement (the “Transaction”). Forward-looking statements include information concerning possible or assumed future results of operations of the Company, the expected completion and timing of the proposed Transaction and other information relating to the proposed Transaction. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “intends,” “forecasts,” “should,” “estimates,” “contemplate,” “future,” “goal,” “potential,” “predict,” “project,” “projection,” “may,” “will,” “could,” “should,” “would,” “assuming” and similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the Company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond the Company’s control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Those following important factors and uncertainties, among others, could cause actual results to differ materially from those described in the forward-looking statements: (i) the risk that the Transaction may not be completed in a timely manner or at all, which may adversely affect the Company’s business and the price of the common stock of the Company, (ii) the failure to satisfy the conditions to the consummation of the Transaction, including the adoption of the Merger Agreement by the stockholders of the Company and the receipt of regulatory approvals from various governmental entities (including any conditions, limitations or restrictions placed on these approvals) and the risk that one or more governmental entities may deny approval, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (iv) the risk that the Merger Agreement may be terminated in circumstances that require the Company to pay a termination fee; (v) the effect of the announcement or pendency of the Transaction on the Company’s business relationships, operating results and business generally, including the Company’s ability to attract, integrate, develop, manage, retain and motivate qualified consultants and senior leaders as a result of such effects, (vi) risks that the proposed Transaction disrupts current plans and operations, (vii) risks related to diverting management’s attention from the Company’s ongoing business operations, (viii) the outcome of any legal proceedings that may be instituted against the Company related to the Merger Agreement or the Transaction, (ix) the Company’s ability to fill or obtain new executive search assignments, which could impact demand for services and affect results of operations or financial conditions, (x) unexpected costs, charges or expenses resulting from the proposed Transaction; (xi) the ability to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the proposed Transaction; (xi) the impact of adverse macroeconomic or labor market conditions, including the impacts of inflation and effects of geopolitical instability, on demand for services, (xii) risks caused by delays in upturns or downturns being reflected in the Company’s financial position and results of operations, (xiii) risks that the benefits of the Transaction are not realized when and as expected, (xiv) uncertainty as to timing of completion of the proposed Transaction, and (xv) other factors described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company’s subsequent Quarterly Reports on Form 10-Q, and in other reports and filings with the SEC. Forward-looking statements speak only as of the date of this communication or the date of any document incorporated by reference in this document. The Company cautions you that the important factors referenced above may not contain all of the factors that are important to you. In addition, the Company cannot assure you that the Company will realize the results or developments expected or anticipated or, even if substantially realized, that they will result in the consequences or affect the Company or the Company’s operations in the way the Company expects. The forward-looking statements included in this communication are made only as of the date hereof. Except as required by applicable law or regulation, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information About the Acquisition and Where to Find It

On November 3, 2025, the Company filed with the SEC a definitive proxy statement relating to the proposed Transaction. The definitive proxy statement has been mailed to the Company’s stockholders in connection with the proposed Transaction. This communication is not a substitute for the definitive proxy statement or any other document that may be filed by the Company with the SEC. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC BY THE COMPANY IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS, SUPPLEMENTS OR DOCUMENTS INCORPORATED BY REFERENCE TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PROPOSED TRANSACTION. Any vote in respect of resolutions to be proposed at the Company’s stockholder meeting to approve the proposed Transaction or other responses in relation to the proposed Transaction should be made only on the basis of the information contained in the Company’s definitive proxy statement. Investors will be able to obtain a free copy of the definitive proxy statement and other related documents filed by the Company with the SEC at the SEC’s website at www.sec.gov or from the Company at its website at https://investors.heidrick.com/.

No Offer or Solicitation

This Current Report on Form 8-K is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

Participants in the Solicitation

The Company, and certain of its directors and executive officers, may be deemed to be participants in the solicitation of proxies in connection with the proposed Transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the Company’s stockholders in connection with the proposed Transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise are included in the definitive proxy statement described above. Investors should read the proxy statement carefully when it becomes available. Copies of the documents filed with the SEC by the Company will be available free of charge through the website maintained by the SEC at sec.gov and the Company’s website at https://investors.heidrick.com/.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 18, 2025

Heidrick & Struggles International, Inc.
By:		/s/ Tracey Heaton
Name:		Tracey Heaton
Title:		Chief Legal Officer & Corporate Secretary

FAQ

What did Heidrick & Struggles (HSII) announce in this 8-K?

Heidrick & Struggles announced that the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act for its proposed merger with Heron Merger Sub, Inc., an affiliate of Heron BidCo, LLC, has expired, and that antitrust authorities in Germany and Australia have also cleared the transaction. These events satisfy the antitrust-related conditions in the merger agreement.

How does the HSR Act waiting period expiration affect the HSII merger?

The expiration of the Hart-Scott-Rodino waiting period at 11:59 p.m. Eastern Time on November 17, 2025 means U.S. antitrust regulators did not move to block or further extend review of the merger. This fulfills a key regulatory condition required for the merger to proceed under the merger agreement.

Which international antitrust approvals has Heidrick & Struggles received for the merger?

Heidrick & Struggles reports that antitrust authorities in Germany cleared the merger on October 30, 2025, and antitrust authorities in Australia cleared the merger on November 5, 2025. Together with the U.S. HSR waiting period expiration, these clearances satisfy the merger agreement’s conditions relating to antitrust approvals.

Is the Heidrick & Struggles merger with Heron BidCo, LLC now guaranteed to close?

No. While antitrust-related conditions have been satisfied, the merger remains subject to other conditions in the merger agreement, including adoption of the merger agreement by Heidrick & Struggles’ stockholders and other customary closing conditions. The company also notes the possibility of termination events and related risks.

Where can HSII investors find more information about the proposed transaction?

The company has filed a definitive proxy statement relating to the proposed transaction with the SEC, which has been mailed to stockholders. Investors can obtain copies of the proxy statement and other related documents free of charge at the SEC’s website at www.sec.gov or through the Heidrick & Struggles investor website at https://investors.heidrick.com/.

Does this HSII communication constitute an offer to buy or sell securities?

No. The company states that this communication is for information purposes only and does not constitute an offer or solicitation to purchase, sell, or otherwise dispose of any securities, nor a solicitation of any vote or approval in any jurisdiction.