Leggett & Platt's shareholders have voted to approve the merger of the company with Somnigroup International Inc.
It says the merger remains subject to a remaining required regulatory approval, but the group anticipates that the transaction will close upon satisfaction of the remaining closing conditions.
Earlier this year, Somnigroup signed a definitive agreement to acquire Leggett & Platt in an all-stock transaction valued at approximately $2.5b.
Following the close of the transaction, Leggett & Platt is expected to operate as a separate business unit within Somnigroup, similar to Tempur Sealy, Mattress Firm and Dreams, and to maintain its offices in Carthage, Missouri.
Somnigroup and Leggett & Platt have collaborated for nearly 50 years to drive innovation in the bedding market, and expect the combination to further strengthen their ability to deliver innovative bedding products.
