Somnigroup Seeks to Buy Leggett & Platt for About $1.6 Billion

Somnigroup International has offered to bargain Leggett & Platt for astir $1.63 cardinal successful an all-stock deal, a determination that would adhd the adjustable-bed and mattress-spring shaper to its bedding empire.

Somnigroup, formed from Tempur-Sealy’s acquisition of Mattress Firm, connected Monday projected to get each of Leggett & Platt’s outstanding shares for $12 apiece. The terms represents a astir 30% premium to its mean closing terms implicit the past 30 days, the mattress shaper added.

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The all-stock operation would alteration Leggett & Platt shareholders to enactment successful the aboriginal maturation imaginable of the combined institution connected a tax-deferred basis, according to Somnigroup.

Shares of Leggett & Platt jumped 13%, to $11.59, successful premarket trading.

Leggett & Platt said it volition cautiously reappraisal and measure the unsolicited connection to find the people of enactment that it believes is successful the champion interests of the institution and its shareholders.

The Carthage, Mo., institution makes furniture, engineered components and products for homes, offices, automobiles and commercialized aircraft, including bedding products specified arsenic mattress springs, specialty foam, adjustable beds and machinery.

Somnigroup Chief Executive Scott Thompson said Leggett & Platt has been an important supplier of the institution for galore years.

Under the deal, Leggett & Platt would proceed to run independently nether the Somnigroup umbrella, which includes Tempur-Pedic, Sealy, Stearns & Foster and Sleepy’s brands.

Somnigroup said the institution would payment from having a important and reliable lawsuit successful Tempur Sealy, arsenic good arsenic a little outgo of superior and strategical backing. It said it would expect to clasp astir of Leggett & Platt’s absorption squad and employees, arsenic good arsenic a important beingness successful Carthage.

Write to Connor Hart astatine [email protected]

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