Business
Somnigroup to Engage in Discussions with Leggett & Platt
Somnigroup International Inc. (NYSE: SGI, "Somnigroup") today issued the following statement in response to the announcement by Leggett & Platt Inc. (NYSE: LEG) that its Board of Directors has authorized discussions and entered into a customary non-disclosure agreement to facilitate due diligence and discussions with Somnigroup:
About this update from Leggett & Platt, Incorporated
[{"type":"text","content":"DALLAS, Jan. 20, 2026 /PRNewswire/ -- Somnigroup International Inc. (NYSE: SGI, "Somnigroup") today issued the following statement in response to the announcement by Leggett & Platt Inc. (NYSE: LEG) that its Board of Directors has authorized discussions and entered into a customary non-disclosure agreement to facilitate due diligence and discussions with Somnigroup:","length":387,"tagName":"p"},{"type":"text","content":""We welcome the Board's willingness to engage in discussions with us and we look forward to conducting customary due diligence. Somnigroup remains committed to pursuing a transaction that will deliver substantial value to shareholders of both companies. However, as we advised Leggett & Platt in declining to revise our proposal in advance of customary due diligence, we believe that our proposed all-stock transaction for value of $12 per share, as previously announced on December 1, 2025, represents fair value for Leggett & Platt. Our proposal offers Leggett & Platt shareholders a 30% premium to the unaffected 30-day average price of Leggett & Platt's shares as of that date, and an opportunity to participate in the future growth of the combined company."","length":796,"tagName":"p"},{"type":"text","content":"No assurance can be given that any transaction will be agreed or consummated, or the timing, price, terms or conditions of any such transaction.","length":144,"tagName":"p"},{"type":"text","content":"Somnigroup does not intend to comment further on market speculation or to disclose any developments unless and until it otherwise deems further disclosure is appropriate or required.","length":182,"tagName":"p"},{"type":"text","content":"Goldman Sachs & Co. LLC is serving as financial advisor to Somnigroup and Cleary Gottlieb Steen & Hamilton LLP is serving as its legal advisor.","length":151,"tagName":"p"},{"type":"text","content":"Customary Approvals Completion of the contemplated transaction is contingent upon reaching a definitive agreement and would be subject to the satisfaction of customary closing conditions, including receipt of Leggett & Platt shareholder approval and required regulatory approvals. The proposed transaction would not be subject to any financing contingencies or approval by Somnigroup's shareholders.","length":413,"ta...