Federal regulators approve Simmons sales
Bedding major now seeking votes from creditors in favor of sale
Furniture Today Staff -- Furniture Today, October 30, 2009
ATLANTA — Federal regulators have given antitrust clearance to the proposed Simmons sale, the company announced Thursday.
The Federal Trade Commission granted early clearance under the Hart-Scott-Rodino antitrust regulations to the purchase of Simmons by Ares Management and the Ontario Teachers Pension Plan, which also are the owners of fellow bedding major Serta.
Simmons is seeking votes from its creditors in favor of the sale, and expects to file a prepackaged Chapter 11 bankruptcy plan to pave way for the deal. Votes from creditors must be received by Nov. 12, the company said.
Simmons announced in early October that Ares and the Ontario Teachers group had agreed to acquire the company for total consideration of about $760 million. The company said the deal will enable it to cut its total indebtedness from about $1 billion to $450 million.
Simmons would continue to operate as a separate company, officials said.
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If Simmons is such "has been" technology, then why are all the other major brands trying to knock it off? Wait, let me guess, you must work for or sell only memory foam, right? Flash...so, does Simmons.
Steve - 2009-30-10 16:47:23 EDT -
I feel sorry for those Ontario teachers. They have bought an empty carcass full of individually pocketed coils designed in 1900 for Simmons. How often do investors fall for this industry thinking they are getting a bargain? The brand is nothing without new ideas and intelligence to re-create it. Look at what all the former owners have done to the company since Grant Simmons gave it away. Why does Western civilization never learn from its past misdoings? This will be another chewing gum fix for a few people to make a lot of money at the expense of the employees and the companny itself.
Robert Mark - 2009-30-10 11:36:13 EDT -
good article
george - 2009-30-10 09:53:43 EDT
Federal regulators approve Simmons sale
11/09/2009Simmons sighs in relief as deal announced
09/25/2009Simmons solicits votes from creditors
10/13/2009
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