Tempur-Pedic Cleared by FTC to Acquire Sealy
March 8, 2013,
LEXINGTON, Ky.-The Federal Trade Commission has cleared Tempur-Pedic's planned acquisition of Sealy.
A Tempur-Pedic statement said the company plans to close the acquisition on March 18, "subject to customary closing conditions." As previously announced, the deal calls for Tempur-Pedic to acquire all of Sealy's outstanding common stock for $2.20 per share, along with all of Sealy's outstanding convertible and nonconvertible debt. The total value of the transaction will be about $1.3 billion, the statement said.
Mark Sarvary, Tempur-Pedic's CEO, said, "The combination of Tempur-Pedic and Sealy unites two highly complementary companies with iconic brands to create the first full-spectrum, global bedding company that addresses all market segments and consumer preferences."