Dec. 1 at 1:31 PM
Leggett & Platt shares rose Monday after Somnigroup International proposed an all-stock acquisition that would give LEG shareholders Somnigroup stock valued at
$12 per share. The offer represents a 30% premium over LEG’s 30-day average and would value the company at levels last seen in late 2024.
Somnigroup’s CEO said the deal would provide significant value through an attractive premium and tax-advantaged participation in the combined platform, while being accretive for SGI shareholders even before synergies. Under the proposal, Leggett & Platt would continue operating independently within Somnigroup’s portfolio, alongside brands such as Mattress Firm and Tempur Sealy.
Somnigroup has requested a board response by December 22. The companies already have a long-standing supplier relationship. The deal would still require regulatory approvals and other customary conditions but would not need SGI shareholder approval.
$LEG $SGI