Leggett & Platt, Somnigroup enter non-disclosure agreement and standstill

Leggett & Platt (LEG) announced that its board of directors has entered into a customary non-disclosure agreement and six-month standstill with Somnigroup (SGI) to facilitate customary due diligence and to determine if a transaction can be reached that delivers appropriate value and certainty to Leggett & Platt and its shareholders. Discussions between Leggett & Platt and Somnigroup follow the Leggett & Platt Board’s review, in consultation with its independent financial and legal advisors, of Somnigroup’s unsolicited proposal dated December 1, 2025 to acquire Leggett & Platt in an all-stock transaction. The board determined that Somnigroup’s $12 per share proposal undervalues the company and declined the proposal.