Leggett & Platt (NYSE: LEG) director exits stake in Somnigroup merger
Rhea-AI Filing Summary
LEGGETT & PLATT INC (LEG) director Joseph W. McClanathan reported a disposition to the issuer of 120,307.38 shares of LEG common stock on 2026-08-26, leaving him with 0 shares directly held. The disposition occurred in connection with a merger in which a subsidiary of Somnigroup International Inc. merged with and into LEG, and each LEG share or restricted stock unit was converted into the right to receive 0.1455 Somnigroup securities pursuant to the merger agreement.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 120,307.38 shares
Net Sell
1 txn
Insider
MCCLANATHAN JOSEPH W
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Common Stock F1 | 120,307.38 | -- | -- |
Holdings After Transaction:
Common Stock — 0 shares (Direct)
Footnotes (1)
- F1. Leggett & Platt, Incorporated ("Leggett"), Somnigroup International Inc. ("Somnigroup"), and Sparrow Unity Corporation, a direct, wholly owned subsidiary of Somnigroup ("Merger Sub") entered into an Agreement and Plan of Merger, dated April 13, 2026 (the "Merger Agreement") pursuant to which Merger Sub merged with and into Leggett (the "Merger"). The total reflects shares of Leggett common stock and outstanding Leggett restricted stock unit awards, each of which, at the effective time of the Merger (the "Effective Time"), was converted into the right to receive 0.1455 shares of Somnigroup common stock or Somnigroup restricted stock units (to be settled in cash), as applicable, pursuant to the terms of the Merger Agreement.
Key Figures
Shares disposed to issuer: 120,307.3800 shares of Common Stock
Shares held after transaction: 0.0000 shares of Common Stock
Merger conversion ratio: 0.1455 shares of Somnigroup common stock
3 metrics
Shares disposed to issuer
120,307.3800 shares of Common Stock
Disposition to issuer on 2026-08-26 by director Joseph W. McClanathan
Shares held after transaction
0.0000 shares of Common Stock
Direct ownership position following the 2026-08-26 disposition
Merger conversion ratio
0.1455 shares of Somnigroup common stock
Per LEG share or restricted stock unit at the Effective Time of the Merger
Key Terms
Agreement and Plan of Merger, restricted stock unit awards, Merger Sub, Effective Time
4 terms
Agreement and Plan of Merger regulatory
"entered into an Agreement and Plan of Merger, dated April 13, 2026"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
restricted stock unit awards financial
"shares of Leggett common stock and outstanding Leggett restricted stock unit awards"
Restricted stock unit awards are company promises to deliver a specific number of shares to employees or service providers in the future once conditions—such as staying with the company for a set time or meeting performance targets—are met. They matter to investors because when the promises convert into actual shares they increase the total share count and can reduce earnings per share, while also aligning recipients’ interests with stock performance much like deferred pay that turns into ownership if goals are met.
Merger Sub regulatory
"Sparrow Unity Corporation, a direct, wholly owned subsidiary of Somnigroup ("Merger Sub")"
A merger sub is a temporary, wholly owned subsidiary that an acquiring company creates to carry out a merger with another firm. Think of it as a wrapper used to combine two businesses—this can simplify legal and tax steps, isolate liabilities, and help preserve the target’s contracts or stock structure, so investors watch it because the chosen approach affects deal mechanics, shareholder votes, potential dilution, and legal or tax risk.
Effective Time regulatory
"each of which, at the effective time of the Merger (the "Effective Time"), was converted"
The exact clock time when a regulatory filing, approval, or corporate action formally becomes legally active; from that moment the change is binding and can be acted on. Investors care because the effective time marks when ownership, rights, trading rules, or new securities take effect — like a light switch turning on a contract or transaction — which determines when risks, benefits and market reactions begin.
FAQ
What did LEG director Joseph W. McClanathan report in this Form 4 for LEG?
He reported a disposition to the issuer of 120,307.38 shares of LEG common stock on 2026-08-26, resulting in 0 shares of LEG common stock held directly after the transaction.
AI-generated analysis. How Rhea-AI works. Not financial advice.
