Somnigroup Initiates Discussions with Leggett & Platt for Potential Business Combination

Summary

Somnigroup International Inc. has announced ongoing discussions with Leggett & Platt Inc. to explore a potential business combination. The discussions follow Leggett & Platt's authorization for due diligence and initiation of a non-disclosure agreement. Somnigroup has proposed an all-stock transaction valuing Leggett & Platt at $12 per share, representing a 30% premium over Leggett & Platt's 30-day average share price prior to the announcement. The transaction, if agreed, would not require Somnigroup shareholder approval but would need Leggett & Platt shareholder and regulatory approvals. Somnigroup has stated it does not intend to comment further unless required by law or appropriate.