Somnigroup International Inc. (NYSE: SGI) today announced that it welcomes Leggett & Platt Inc.'s (NYSE: LEG) Board of Directors' decision to engage in discussions and execute a customary non-disclosure agreement to facilitate due diligence regarding Somnigroup's previously proposed all-stock acquisition.
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Somnigroup reaffirmed its commitment to pursuing a transaction designed to deliver significant value to the shareholders of both companies. The proposed deal, announced on December 1, 2025, values Leggett & Platt at $12 per share, representing a 30% premium over the unaffected 30-day average stock price, and provides shareholders an opportunity to participate in the growth of the combined company. Somnigroup has stated it will not revise this proposal before the customary due diligence process.
Completion of the transaction is contingent on reaching a definitive agreement and satisfying customary closing conditions, including Leggett & Platt shareholder approval and regulatory approvals. The transaction does not require financing contingencies or approval by Somnigroup's shareholders.
Goldman Sachs & Co. LLC serves as financial advisor, and Cleary Gottlieb Steen & Hamilton LLP as legal advisor to Somnigroup.
Forward-Looking statements
The announcement contains forward-looking statements about Somnigroup's plans, expectations, and strategies, including the proposed transaction. These statements are based on current assumptions and involve risks, uncertainties, and factors outside the company's control that could cause actual results to differ materially. Somnigroup does not undertake any obligation to update forward-looking statements except as required by law.
Investors are encouraged to review filings with the SEC regarding the proposed transaction for more information, including potential proxy statements and registration statements. Free copies of these filings will be available on the SEC's website (www.sec.gov) and Somnigroup's website (www.somnigroup.com).
About Somnigroup
Somnigroup (NYSE: SGI) is the world's largest bedding company, serving consumers in over 100 countries through Tempur Sealy, Mattress Firm, and Dreams. The company offers leading brands including Tempur-Pedic®, Sealy®, Stearns & Foster®, and Sleepy's®, and operates a global omni-channel platform for personalized retail experiences. Guided by the value of "Doing the Right Thing," Somnigroup is committed to sustainability, community responsibility, and long-term shareholder value.
More information:
Somnigroup International Inc.
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