Mattress manufacturer Somnigroup International, whose portfolio includes Tempur-Pedic and Sealy, has submitted a proposal to acquire all the outstanding shares of bedding and furniture components company Leggett & Platt in an all-stock merger.
“We believe that a combination of Leggett & Platt with Somnigroup would be uniquely compelling for both companies and all of our collective stakeholders,” the company wrote in its proposal letter. “Joining Leggett & Platt with a leading bedding manufacturer and bedding retailer would unquestionably foster significant strategic advantages and efficiencies for the combined company.”
Under the proposal, Leggett & Platt would continue operating independently under Somnigroup. Additionally, Somnigroup expects to retain most of Leggett & Platt’s employees and management team.
Leggett & Platt has confirmed receipt of the unsolicited proposal. Somnigroup has requested a response by Dec. 22.
Bio:Anna Smith joined IndustryWeek in 2021. She handles breaking news of interest to the manufacturing industry and the cross-publication newsletter Quick Manufacturing News. Anna was previously an editorial assistant at New Equipment Digest, Material Handling & Logistics and other publications.
