Leggett & Platt Inc. (LEG), a supplier of bedding components and private-label finished goods, on Tuesday said its board has entered into a customary non-disclosure agreement and a six-month standstill with Somnigroup International Inc. (SGI).
The company said that the move is intended to facilitate due diligence and assess whether a transaction can be reached that delivers appropriate value and certainty to the company and its shareholders.
The discussions follow the board's review, with independent financial and legal advisers, of Somnigroup's unsolicited December 1, 2025, proposal to acquire Leggett & Platt in an all-stock transaction.
The board said it determined the $12-per-share proposal undervalued the company and declined the offer.
In the pre-market trading, Leggett & Platt is 1.12% lesser at $12.40 on the New York Stock Exchange.
In the pre-market trading, Somnigroup is 2.17% lesser at $91.97 on the New York Stock Exchange.
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