Somnigroup Seeks to Buy Leggett & Platt for About $1.6 Billion

Somnigroup SGI 0.90%increase; green up pointing triangle International submitted a proposal to acquire Leggett & Platt LEG 1.18%increase; green up pointing triangle in an all-stock deal worth approximately $1.63 billion.

The mattress maker, formed from Tempur-Sealy’s acquisition of Mattress Firm, said Monday that it would purchase all of Leggett & Platt’s outstanding shares for $12 apiece. The price represents a roughly 30% premium to the company’s average closing price over the past 30 days, it added.