Ademi LLP is investigating Leggett & Platt (NYSE: WSR) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Somnigroup.
Leggett & Platt stockholders will receive 0.1455 shares of Somnigroup common stock for each share of Leggett & Platt stock they own in an all-stock transaction valued at approximately $2.5 billion based on Somnigroup’s closing share price on April 10, 2026. Following completion, Leggett & Platt shareholders will own approximately 9% of the combined company on a fully diluted basis.
Leggett & Platt insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Leggett & Platt by imposing a significant penalty if Leggett & Platt accepts a competing bid. We are investigating the conduct of the Leggett & Platt board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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