Leggett & Platt shares surge 10.28% intraday after Somnigroup proposes all-stock acquisition with 30.3% premium to 30-day average price.

Leggett & Platt surged 10.28% intraday following a formal proposal from Somnigroup International to acquire the company in an all-stock deal. Under the terms, LEG shareholders would receive Somnigroup shares valued at $12.00 per share, a 30.3% premium to LEG’s 30-day average closing price. The proposal, confirmed by Leggett & Platt, highlights strategic synergies, including tax-advantaged participation in the combined company’s growth and continued operational independence for Leggett & Platt under Somnigroup’s umbrella. The all-stock structure, which avoids financing contingencies, has been unanimously authorized by Somnigroup’s board and is subject to due diligence and regulatory approvals. The significant premium and potential for future growth catalyzed immediate investor optimism, driving the sharp intraday rally.