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 IW’s daily newsletters and breaking news of interest to the manufacturing industry. Anna was previously an editorial assistant at New Equipment Digest, Material Handling & Logistics and other publications.
