Leggett & Platt jumps after Somnigroup's acquisition proposal

Shares of diversified manufacturer Leggett & Platt LEG.N rise 9.4% to $11.22 premarket after Somnigroup International's SGI.N all-stock acquisition proposal

LEG shareholders to receive SGI common stock valued at $12 under the proposal, for every LEG share they hold

Offer represents a premium of over 16% to LEG's last close of $10.26; stock logged its eighth session of gains, its longest win streak since October 2019

LEG had a market capitalization of $1.39 bln, as of Friday's close, while SGI was at $19.21 bln - data compiled by LSEG

All four analysts covering LEG stock rate it "hold" - data compiled by LSEG

Up to last close, LEG shares up 6.9%​ YTD