Trade Alert

Leggett and Platt (LEG) this morning received an unsolicited bid for all of the outstanding shares of the company. The bid is valued at $12 per share or about a 20% premium over Friday’s close. With the shares currently at $11.75 I simply do not see much more upside potential. However, if the deal gets rejected by Leggett and Platt’s board, the price will revert to the $10 range. We will sell our shares today given this important news.