Somnigroup International Inc., the world’s largest bedding company, proposed to buy one of its biggest suppliers, Leggett & Platt Inc., in an all-stock transaction worth about $1.6 billion.
The offer values Leggett & Platt at $12 per share, representing a 30% premium to its 30-day average closing price, Somnigroup said Monday. It submitted the proposal to Leggett & Platt’s board and requested a response by Dec. 22.
Shares of Leggett & Platt rose 14% to $11.70 in premarket trading. The stock had gained about 7% this year through Friday.
The Leggett & Platt board said in a statement ...
