The Urethane Blog
December 1, 2025
Somnigroup Proposes to Acquire Leggett & Platt in All-Stock Transaction
Provided by PR Newswire Dec 1, 2025, 6:30:00 AM
Somnigroup Proposes to Acquire Leggett & Platt in All-Stock Transaction
Somnigroup Proposes to Acquire Leggett & Platt in All-Stock Transaction
PR Newswire
DALLAS, Dec. 1, 2025
- Proposal represents 30.3% premium to the average closing price of Leggett & Platt’s shares during the last 30 trading days
- Combination would provide Leggett & Platt shareholders with significant premium and opportunity to participate in combined company growth
DALLAS, Dec. 1, 2025 /PRNewswire/ — Somnigroup International Inc. (NYSE: SGI, “Company” or “Somnigroup”) today announced that it submitted a proposal to the Board of Directors of Leggett & Platt Inc. (NYSE: LEG) to acquire all outstanding common shares of Leggett & Platt in an all-stock transaction (the “Proposal”). Under the terms of the Proposal, Leggett & Platt shareholders would receive shares of Somnigroup common stock with a market value of $12.00 for every one share of Leggett & Platt common stock, based on a fixed exchange ratio to be agreed. The Proposal offers Leggett & Platt shareholders a 30.3% premium to the average closing price of Leggett & Platt’s shares during the last 30 trading days, representing a value not achieved by LEG shares since December 2024.
The all-stock structure would enable Leggett & Platt shareholders to participate in the future growth potential of the combined company on a tax-deferred basis.
“Leggett & Platt has been an important supplier to our Company for many years,” said Scott Thompson, Chairman and CEO of Somnigroup. “This proposal would deliver significant value to Leggett & Platt shareholders through a compelling premium and tax-advantaged participation in our combined platform, while also being accretive before synergies to all Somnigroup shareholders.”
The Proposal was delivered to the Leggett & Platt Board in a letter on December 1, 2025. The full text of the letter is included below:
###
December 1, 2025
Board of Directors
Leggett & Platt Incorporated
1 Leggett Road
Carthage, Missouri 64836
Attention: Mr. Karl G. Glassman, Board Chairman, President and Chief Executive Officer
Dear Karl and Members of the Board:
I am writing to express our strong interest in pursuing a business combination transaction between Somnigroup International Inc. (“Somnigroup”) and Leggett & Platt Incorporated (“Leggett & Platt”).
We propose that Somnigroup acquire all of the outstanding shares of Leggett & Platt in an all-stock merger with a wholly owned subsidiary of Somnigroup, in which each outstanding share of Leggett & Platt common stock would be exchanged for shares of Somnigroup common stock having a market value of $12.00, based on a fixed exchange ratio to be agreed.
Our proposed merger consideration represents a premium of approximately 17.0% to the closing price of Leggett & Platt shares on November 28, 2025, and a premium of approximately 30.3% over the average closing price of Leggett & Platt shares during the last 30 trading days – a value that Leggett & Platt shareholders have not seen since December 2024.
In addition, by receiving consideration comprised entirely of Somnigroup common stock, your shareholders will have the opportunity to participate fully on a tax-deferred basis in the significant growth potential and synergies of the combined company.
We believe that a combination of Leggett & Platt with Somnigroup would be uniquely compelling for both companies and all of our collective stakeholders. Joining Leggett & Platt with a leading bedding manufacturer and bedding retailer would unquestionably foster significant strategic advantages and efficiencies for the combined company. Also, as you know, Somnigroup and Leggett & Platt have enjoyed an excellent commercial arrangement for many years. A significant mutual benefit of our proposal would be to ensure that this arrangement will continue without interruption.
Leggett & Platt would continue to operate independently under the Somnigroup umbrella. Like Mattress Firm, Tempur Sealy and Dreams, Leggett & Platt’s leadership team would enjoy significant autonomy. Leggett & Platt would also benefit from having a substantial and reliable customer in Tempur Sealy and greater opportunities for growth and success, all with a lower cost of capital and the strategic backing of Somnigroup.
Additionally, because Leggett & Platt’s business is complementary to Somnigroup’s businesses, we would expect to not only retain most of Leggett & Platt’s management team and employees, whose knowledge, experience and talent would be invaluable to the Somnigroup organization, but also provide them future career opportunities in the broader Somnigroup organization. We also expect to retain a significant presence in Carthage.
We contemplate that our transaction would be subject only to customary closing conditions, including the receipt of necessary regulatory approvals, which we expect would be obtained without difficulty or delay. Our transaction would not be subject to any financing contingency or require approval by Somnigroup’s shareholders.
Our proposal has been unanimously authorized by our Board of Directors. Based on our long history with Leggett & Platt, we would expect to be able to promptly complete confirmatory due diligence and execute definitive agreements.
Our financial advisors are Goldman Sachs & Co. LLC and our legal advisors are Cleary Gottlieb Steen & Hamilton LLP.
This proposal is subject to satisfactory completion of due diligence, the negotiation and execution of definitive transaction documents, and approval by the boards of directors of both companies. Unless and until such time, no obligation, commitment or undertaking of any kind shall arise as a result of this letter or any subsequent discussions.
We believe this is a unique opportunity to deliver significant value to Leggett & Platt shareholders and better position a combined company to drive future shareholder value. We seek to work with you on a friendly basis to complete this transaction successfully and expeditiously.
We hope that you share our enthusiasm and we would appreciate a response by December 22, 2025.
Sincerely,
Scott L. Thompson
President, Chief Executive Officer and Chairman of the Board
###
November 30, 2025
Recticel acquires Miclar Group to deliver integrated
solutions in the insulated panels market
Recticel announces the acquisition of a 76% controlling stake in Miclar Group, a leading Belgian
specialist in industrial façade and roof cladding, light structural steel, and finishing components. This
strategic move enhances service to our end customers and reinforces Recticel’s position in the insulated
panels market. The investment is fully aligned with our commitment to delivering innovative products
and integrated solutions across Europe.
Founded in May 2018, Miclar offers complete solutions for industrial façade and roof cladding. It
operates in Belgium, the Netherlands, France and Sweden. In 2024, Miclar Group reported proforma
sales of EUR 23.7 million and adjusted EBITDA of EUR 4.7 million.
The acquisition was paid in cash for an enterprise value of EUR 20.5 million. Miclar Group will be
consolidated in Recticel’s financial statements as from 1 December 2025.
Jan Vergote, Chief Executive Officer Recticel Group, commented:
“Miclar’s rapid growth and service-driven approach make it an ideal partner for Recticel’s industrial
customers. Together, we will deliver innovative solutions that address the evolving needs of industrial
construction in Belgium and beyond. As part of our “Elevate 2030” strategic plan, we are pursuing
additional acquisitions in Europe to enlarge our downstream offer.”
Laurens Couckuyt, Chief Executive Officer Miclar, added:
“The partnership with Recticel will enable us to accelerate innovation, expand our capabilities, and
deliver even greater value to our customers. It will serve as a springboard for our European expansion.
We look forward to combining our expertise with Recticel’s vision for sustainable growth and smart
insulation.”
https://files.webdisclosure.com/1374577/20251128_Acquisition_Miclar_final.pdf
November 25, 2025
Chemical Grade Propylene is $0.29/lb in November, down 1cpp from October
November 24, 2025
Foam Maker Buys $145M Fullerton Plant
By
Mark Mueller
October 27, 2025
158
An Iowa-based foam manufacturer has paid $145 million for a facility it operates out of in Fullerton, marking the priciest single-property industrial sale in Orange County this year.
Property records indicate that Future Foam, a Council Bluffs-based maker of a variety of flexible polyurethane foams used in bedding and other products, recently completed the purchase of 1050 S. State Blvd., a roughly 417,230-square-foot industrial building located at the corner of State College and Kimberly Avenue.
The manufacturer had previously been a tenant at the building, which was sold by another Iowa firm, Des Moines-based investment firm Principal Real Estate Investors.
The sale works out to be nearly $350 per square foot for the facility, which CoStar records indicate is located on a nearly 17-acre site that’s a few blocks from the intersection of the Riverside (91) and the Orange (57) freeways.
Owner-User Premium
By total price, the deal for the Fullerton facility marks the largest single-property industrial sale in OC in nearly three years, CoStar records indicate. The only other industrial building in the area to sell for more than $100 million in 2025 was 1501 E. Cerritos Ave., a roughly 407,000-square-foot building that’s about two miles east of Disneyland.
That two-building property was bought earlier this year by Walt Disney Co., which had already been leasing the site for its local operations. Disney paid $124 million, or about $305 per square foot, for the Cerritos Avenue site.
The second biggest owner-user transaction of the past quarter was the $30.7 million purchase of a newly built building in the airport area of Irvine, by Orange Bakery. The food maker paid a reported $567 per square foot for the 54,100-square-foot building along Cowan Avenue, located next to its current headquarters.
Connected Facilities
Future Foam traces back to the 1950s and counts a sizeable real estate presence in the U.S., with nearly 30 facilities to its name. Its presence in Fullerton goes back to the early 1980s.
Its only two Southern California locations are in Fullerton; it lists both the State College facility and an adjacent property at 2451 Cypress Way as being separate facilities with different specialties, though the buildings are connected and were both part of the $145 million sale.
Newmark’s Jeff Read represented principal in the sale, while the buyer was represented by Ashwill Associates.
The State College facility is used for manufacturing bedding, furniture and other products, according to the company’s website. The Cypress Way portion of the facility is used for carpet-cushion manufacturing.
The buyer took out a $40 million loan from First National Bank of Omaha to fund the deal, CoStar records indicate.
Vacancy Up, Rents Down
The sale comes amid signs of a slowing industrial market in OC.
The vacancy rate for OC industrial properties stood at 5.1% at the end of the third quarter, according to a recent report from commercial real estate brokerage Colliers. That’s up from 4.7% a quarter ago and is 1.6% higher than this point a year ago.
OC’s all-time lowest vacancy mark was 0.9%, set in late 2022, Colliers reports.
The uptick in vacancy comes as more supply is being added to the area, with nearly 700,000 square feet of new industrial buildings completed last quarter, and another 1.5 million square feet currently underway.
Monthly rents for industrial buildings now average about $1.51 per square foot, according to Colliers data. That’s 26 cents per square foot below the all-time high for the area, set in mid-2023.
Rents are still 57% higher than pre-pandemic levels, the brokerage reports.
November 24, 2025
NAR: Existing-home sales up 1.2% in October
By Larry Adams
November 21, 2025 | 11:28 am CST
WASHINGTON — Existing-home sales increased by 1.2% in October, according to the National Association of Realtors Existing-Home Sales Report.
Month-over-month sales increased in the Midwest and South, showed no change in the Northeast, and fell in the West. Year-over-year sales rose in the Northeast, Midwest and South, and decreased in the West.
“Home sales increased in October even with the government shutdown due to homebuyers taking advantage of lower mortgage rates,” said NAR Chief Economist Lawrence Yun. “First-time homebuyers are facing headwinds in the Northeast due to a lack of supply and in the West because of high home prices. First-time buyers fared better in the Midwest because of the plentiful supply of affordable houses and in the South because there is sufficient inventory.”
“Rents are decelerating which will reduce inflation and encourage the Federal Reserve to continue cutting rates and pulling back their quantitative tightening,” Yun added. “This will help bring more homebuyers into the market since the Fed rate has an indirect impact on mortgage rates.”
National snapshot
Total Existing-Home Sales for October
- 1.2% increase in existing-home sales1 month-over-month to a seasonally adjusted annual rate of 4.10 million.
- 1.7% increase in sales year-over-year.
Inventory in October
- 1.52 million units: Total housing inventory2, down 0.7% from September and up 10.9% from October 2024 (1.37 million).
- 4.4-month supply of unsold inventory, down from 4.5 months in September and up from 4.1 months in October 2024.
Median Sales Price in October
- $415,200: Median existing-home price3 for all housing types, up 2.1% from one year ago ($406,800) – the 28th consecutive month of year-over-year price increases.
Single-Family and Condo/Co-op Sales
- Single-Family Homes in October
0.8% increase in sales to a seasonally adjusted annual rate of 3.71 million, up 1.9% from October 2024. - $420,600: Median home price in October, up 2.2% from last year.
- Condominiums and Co-ops in October
5.4% increase in sales to a seasonally adjusted annual rate of 390,000, unchanged from October 2024. - $363,700: Median price, up 0.9% from October 2024.
Regional Snapshot for Existing-Home Sales in October
- Northeast
No change month over month; sales remain at an annual rate of 490,000, up 4.3% year over year.
$503,700: Median price, up 6.5% from October 2024. - Midwest
5.3% increase in sales month over month to an annual rate of 990,000, up 2.1% year over year.
$319,500: Median price, up 4.6% from October 2024. - South
0.5% increase in sales month over month to an annual rate of 1.86 million, up 2.8% year over year.
$362,300: Median price, up 0.3% from October 2024. - West
1.3% decrease in sales month over month to an annual rate of 760,000, down 2.6% year over year.
$628,500: Median price, up 0.1% from October 2024.
Realtors Confidence Index for October
- 34 days: Median time on market for properties, up from 33 days last month and 29 days in October 2024.
- 32% of sales were first-time homebuyers, up from 30% in July and 27% in October 2024.
- 29% of transactions were cash sales, down from 30% a month ago and up from 27% in October 2024.
- 16% of transactions were individual investors or second-home buyers, up from 15% last month and down from 17% in October 2024
- 2% of sales were distressed sales4 (foreclosures and short sales), unchanged from a month ago and October 2024.
Mortgage Rates
- 6.25%: The average 30-year fixed-rate mortgage in October, according to Freddie Mac, down from 6.35% in September and 6.43% one year ago.
https://www.woodworkingnetwork.com/news/woodworking-industry-news/nar-existing-home-sales-12-october
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