Leggett & Platt (LEG) investor relations material

Executive summary

• Leggett & Platt shareholders are asked to approve a merger with Somnigroup, where each share will be exchanged for 0.1455 shares of Somnigroup common stock, representing a 13.7% premium to the pre-announcement price.

• The merger will result in Leggett & Platt becoming a wholly owned subsidiary of Somnigroup, with its shares delisted from the NYSE and shareholders owning about 8.6% of the combined company.

• The transaction is structured as a tax-free reorganization, subject to regulatory and shareholder approvals, and includes provisions for a special dividend if delayed by antitrust proceedings.

• The Leggett & Platt Board unanimously recommends voting in favor of the merger, citing strategic, financial, and operational benefits, and has received a fairness opinion from J.P. Morgan.

Voting matters and shareholder proposals

• Shareholders will vote on three proposals: (1) adoption of the merger agreement, (2) a non-binding advisory vote on merger-related executive compensation, and (3) adjournment of the special meeting if necessary.

• Approval of the merger requires at least two-thirds of outstanding shares; abstentions and broker non-votes count as votes against.

• The Board recommends voting FOR all proposals.

Board of directors and corporate governance

• The merger agreement allows Leggett & Platt to operate as a separate business unit within Somnigroup post-merger, with current leadership expected to remain during the transition.

• The Board considered strategic alternatives and determined the merger offered the best value and certainty for shareholders.