Stock of Leggett & Platt, Incorporated (LEG) is rising about 13 percent during Monday morning trading after the company signed a definitive agreement to be acquired by Somnigroup International Inc. in a transaction worth $2.5 billion.
The company's shares are currently trading at $11.34 on the New York Stock Exchange, up 13.51 percent. The stock opened at $10.74 and has climbed as high as $11.38 so far in today's session. Over the past year, it has traded in a range of $6.48 to $13.00.
As per the deal, the company's shareholders will receive 0.1455 shares of Somnigroup common stock in exchange for each share of Leggett & Platt common stock they own. The combined company is expected to be accretive to adjusted earnings per share before synergies in the first year. The transaction is currently expected to be closed by end of 2026.
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