Leggett & Platt to be acquired

Carthage-based manufacturer Leggett & Platt Inc. (NYSE: LEG) has reached an acquisition agreement with Dallas, Texas-based bedding company Somnigroup International Inc. (NYSE: SGI).

The all-stock transaction is valued at roughly $2.5 billion, according to a news release. Leggett & Platt shareholders would receive 0.1455 shares of Somnigroup and own roughly 9% of the combined company under the deal that's expected to close by year's end.

"We are pleased to reach this agreement with Somnigroup, a valued long-standing customer and partner," Leggett & Platt Chair and CEO Karl Glassman said in the release. "This transaction provides Leggett & Platt shareholders with the opportunity to participate in the future growth and value creation of a leading global company on a tax deferred basis."

Leggett & Platt is expected to operate as a separate business unit within Somnigroup. Additionally, Glassman would lead Leggett & Platt through the closure of the deal, after which he would assist for up to 12 months in the transition of a new CEO to lead the Leggett & Platt unit.

Combined with Leggett & Platt, Somnigroup would have roughly $11.2 billion in net sales and $1.1 billion of operating cash flow, according to the release.

"Leggett & Platt's strong engineering capabilities, diversified end users and cash-generating financial profile meaningfully enhance our global platform," said Scott Thompson, Somnigroup chair and CEO, in the release. "This combination is consistent with our vertical integration strategy, which drives innovation and value for customers while also enhancing shareholder value."

Leggett & Platt’s board previously declined an offer from Somingroup and entered a nondisclosure agreement and six-month standstill clause with the company, according to past reporting. 

In 2025, Leggett & Platt's earnings were $235.4 million, which compares with a net loss of $511.5 million in 2024, according to past reporting. 

LEG shares were trading at $11.27 as of 11:33 a.m., compared with a 52-week range of $6.48 to $13 per share. SGI shares were trading at $79.66, compared with a 52-week range of $56.15 to $98.56 per share.