Tempur-Pedic Receives FTC Clearance for Acquisition of Sealy
LEXINGTON, Ky. and TRINITY, N.C., March 8, 2013
LEXINGTON, Ky. and TRINITY, N.C., March 8, 2013 /PRNewswire/ --Tempur-Pedic
International Inc. ("Tempur-Pedic" or the "Company") (NYSE: TPX), a leading
manufacturer, marketer and distributor of premium mattresses and pillows
worldwide, and Sealy Corporation ("Sealy") (NYSE: ZZ), a leading global
bedding manufacturer, today announced that the Federal Trade Commission
("FTC") has cleared the Company's planned acquisition of Sealy. Based on this,
the Company intends to close the acquisition on March 18, 2013, subject to
customary closing conditions.
"I am pleased that the FTC has concluded its review and we can complete the
acquisition of Sealy. 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," said Mark Sarvary, Chief Executive Officer,
As previously disclosed, Tempur-Pedic will acquire all of the outstanding
common stock of Sealy for $2.20 per share and all of Sealy's outstanding
convertible and non-convertible debt, for a total transaction value of
approximately $1.3 billion.
About Tempur-Pedic International
Tempur-Pedic International Inc. (NYSE: TPX) manufactures and distributes
mattresses and pillows made from its proprietary TEMPUR(R) pressure-relieving
material. It is the worldwide leader in premium and specialty sleep. The
Company is focused on developing, manufacturing and marketing advanced sleep
surfaces that help improve the quality of life for people around the world.
The Company's products are currently sold in over 80 countries under the
TEMPUR(R) and Tempur-Pedic(R) brand names. World headquarters for Tempur-Pedic
International is in Lexington, KY. For more information, visit
http://www.tempurpedic.comor call 800-805-3635.
Sealy owns one of the largest bedding brands in the world, with sales of $1.3
billion in fiscal 2012. The company manufactures and markets a broad range of
mattresses and foundations under the Sealy®, Sealy Posturepedic®, Optimum™ by
Sealy Posturepedic®, Stearns & Foster®, and Bassett® brands. Sealy operates 25
plants in North America, and has the largest market share and highest consumer
awareness of any bedding brand on the continent. In the United States, Sealy
sells its products to approximately 3,000 customers with more than 11,000
retail outlets. Sealy is also a leading supplier to the hospitality industry.
For more information, please visit www.sealy.com.
This release contains "forward-looking statements," within the meaning of
federal securities laws, which include information concerning one or more of
the Company's plans, objectives, goals, strategies, and other information that
is not historical information. When used in this release, the words
"estimates," "expects," "anticipates," "projects," "plans," "proposed,"
"intends," "believes," and variations of such words or similar expressions are
intended to identify forward-looking statements. These forward-looking
statements include, without limitation, statements relating to the anticipated
timing of the closing of the proposed acquisition of Sealy. All forward
looking statements are based upon current expectations and beliefs and various
assumptions. There can be no assurance that the Company will realize these
expectations or that these beliefs will prove correct.
Numerous factors, many of which are beyond the Company's control, could cause
actual results to differ materially from those expressed as forward-looking
statements. These risk factors include the ability of the parties to complete
the proposed merger in a timely manner or at all; satisfaction of the
conditions precedent to the proposed merger; the possibility of litigation
(including relating to the merger itself); and the ability to successfully
integrate Sealy into Tempur-Pedic's operations and realize synergies from the
Additional information concerning these and other risks and uncertainties are
discussed in the Company's filings with the Securities and Exchange
Commission, including without limitation the Company's Annual Report on Form
10-K under the headings "Special Note Regarding Forward-Looking Statements"
and "Risk Factors." Any forward-looking statement speaks only as of the date
on which it is made, and the Company undertakes no obligation to update any
forward-looking statements for any reason, including to reflect events or
circumstances after the date on which such statements are made or to reflect
the occurrence of anticipated or unanticipated events or circumstances.
SOURCE Tempur-Pedic International Inc.
Contact: Investors: Mark Rupe, Vice President, Tempur-Pedic International
Inc., 1-800-805-3635, email@example.com; or Media: Michael
Geller, Edelman for Tempur-Pedic International, +1-212-729-2163,
Mike.Geller@edelman.com, or Trevor Gibbons, Edelman for Tempur-Pedic
International, +1-212-704-8166, Trevor.Gibbons@edelman.com
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