Somnigroup International Inc. today announced it has made an offer to acquire Leggett & Platt for approximately $1.63 billion in an all-stock transaction, a move that would expand its bedding empire by adding the adjustable-bed and mattress-spring manufacturer.
Under the terms of the Proposal, Leggett & Platt shareholders would receive shares of Somnigroup common stock valued at $12.00 for each share of Leggett & Platt common stock, based on a fixed exchange ratio to be agreed upon. The Proposal offers Leggett & Platt shareholders a 30.3% premium over the average closing price of Leggett & Platt’s shares during the last 30 trading days.
The Proposal was delivered to the Leggett & Platt Board in a letter on December 1, 2025.
It read, “We believe that a combination of Leggett & Platt with Somnigroup would be uniquely compelling for both companies and all of our collective stakeholders. Joining Leggett & Platt with a leading bedding manufacturer and bedding retailer would unquestionably foster significant strategic advantages and efficiencies for the combined company. Also, as you know, Somnigroup and Leggett & Platt have enjoyed an excellent commercial arrangement for many years. A significant mutual benefit of our proposal would be to ensure that this arrangement will continue without interruption.”
“Leggett & Platt would continue to operate independently under the Somnigroup umbrella. Like Mattress Firm, Tempur Sealy and Dreams, Leggett & Platt’s leadership team would enjoy significant autonomy. Leggett & Platt would also benefit from having a substantial and reliable customer in Tempur Sealy and greater opportunities for growth and success, all with a lower cost of capital and the strategic backing of Somnigroup.”
The letter continued, “Additionally, because Leggett & Platt’s business is complementary to Somnigroup’s businesses, we would expect to not only retain most of Leggett & Platt’s management team and employees, whose knowledge, experience and talent would be invaluable to the Somnigroup organization, but also provide them future career opportunities in the broader Somnigroup organization.”
Scott Thompson, Chairman and CEO of Somnigroup told investors, “Leggett & Platt has been an important supplier to our Company for many years. This proposal would deliver significant value to Leggett & Platt shareholders through a compelling premium and tax-advantaged participation in our combined platform, while also being accretive before synergies to all Somnigroup shareholders.”
Following the announcement, Shares of Leggett & Platt jumped 13% in premarket trading.
By CEO NA Editorial Staff
