Bed Dinosaur Stock Surges 10%... Market Cap Soars to 2 Trillion Won in a Day

SomniGroup International Inc. (NYSE: SGI) jumped 9.97% on the New York Stock Exchange, closing at $86.22. Trading volume of roughly 1.5 million shares far exceeded its norm, and its market capitalization swelled to about $18.1 billion (approximately KRW 24 trillion), adding around $2 billion (late-KRW 2 trillion range) in a single day rather than losing value.

The company recently agreed to acquire U.S. bedding and furniture–components maker Leggett & Platt in a stock-for-stock transaction valued at about $2.5 billion (mid-KRW 3 trillion range), combining expansion upside with the shareholder-lawsuit risks—such as fairness-of-deal probes—that often accompany such deals.

Formerly known as Tempur Sealy International, SomniGroup is the world’s largest mattress company, encompassing the Tempur-Pedic, Sealy, and Stearns & Foster brands as well as the United States’ largest mattress retailer, Mattress Firm—making it a true sleep-products behemoth.