Leggett & Platt Confirms Unsolicited Proposal From Somnigroup

(RTTNews) - Leggett & Platt, Inc. (LEG), a manufacturer of engineered components and products for beddings and furniture, Monday announced that it has received an unsolicited proposal from Somnigroup International Inc. (SGI), a bedding company.

Somnigroup proposes to acquire all the outstanding shares of Leggett & Platt in an all-stock transaction.

Leggett & Platt is reviewing and evaluating the unsolicited proposal and has urged its shareholders to not take any action at this time.

In pre-market activity, LEG shares were trading at $11.51, up 12.24% on the New York Stock Exchange.