Leggett & Platt confirms unsolicited proposal from Somnigroup

Leggett & Platt (NYSE: LEG) confirmed it received an unsolicited proposal from Somnigroup International Inc. (NYSE: SGI) to acquire all outstanding shares of the company in an all-stock transaction.

The proposal states that the exchange ratio is "to be agreed" and remains non-binding and subject to due diligence, according to the press release. Somnigroup did not engage with Leggett & Platt prior to November 30 regarding its proposal.

Leggett & Platt's board of directors will review and evaluate the proposal in consultation with independent financial and legal advisors to determine the course of action it believes serves the best interests of the company and its shareholders.

The company stated it does not intend to comment further on the proposal until the board completes its review. Shareholders do not need to take any action at this time.

J.P. Morgan Securities LLC is serving as financial advisor to Leggett & Platt and Latham & Watkins LLP is serving as its legal advisor.

Leggett & Platt is a diversified manufacturer that designs and produces engineered components and products found in homes and automobiles. The 142-year-old company supplies bedding components, automotive seat systems, furniture components, and hydraulic cylinders for various applications.

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