Somnigroup International Inc. (SGI), a bedding company, Monday announced that it has proposed to acquire Leggett & Platt Inc. (LEG), a manufacturer of engineered components for beddings and furniture, in an all-stock transaction.
As per the proposal terms, Leggett & Platt shareholders would receive shares of Somnigroup common stock with a market value of $12 per share for every one share of Leggett & Platt common stock.
Somnigroup believes this offer provides LEG shareholders a 30.3 percent premium to the average closing price of Leggett & Platt's shares during the last 30 trading days, representing a value not achieved by LEG shares since December 2024.
"We believe that a combination of Leggett & Platt with Somnigroup would be uniquely compelling for both companies and all of our collective stakeholders. Joining Leggett & Platt with a leading bedding manufacturer and bedding retailer would unquestionably foster significant strategic advantages and efficiencies for the combined company. Also, as you know, Somnigroup and Leggett & Platt have enjoyed an excellent commercial arrangement for many years. A significant mutual benefit of our proposal would be to ensure that this arrangement will continue without interruption.", said Scott Thompson, CEO of Somnigroup in his proposal.
Somnigroup expects a response from Leggett & Platt by December 22.
On Friday, SGI shares closed at $91.52, up 0.90% and in pre-market activity, LEG shares were trading at $11.20, up 9.22% on the on the New York Stock Exchange.
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