Leggett & Platt Shareholders Approve Somnigroup Merger
LEG is trading near its 52-week low of $8.34 (13% above the low) on light trading volume (0.3× avg).
Summary
Leggett & Platt shareholders approved the all-stock acquisition by Somnigroup, clearing the final major hurdle before closing. This follows the HSR antitrust clearance in June and the definitive proxy filed in July. The approval removes uncertainty around the deal, which values LEG at roughly $1.3 billion based on current market cap. The merger is expected to close in the coming weeks, subject to customary conditions.
At the time of this announcement, LEG was trading at $9.45 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $8.34 to $13.00. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.