FTC seeks more info from Tempur, Sealy
Furniture Today Staff -- Furniture Today, January 14, 2013
LEXINGTON, Ky. - Tempur-Pedic, which has agreed to buy rival bedding producer Sealy in a deal valued at about $1.3 billion, said the Federal Trade Commission has asked the two companies for additional information regarding the acquisition.
The FTC action, deemed a "second request" under the Hart-Scott-Rodino antitrust act, means the merger cannot be completed until 30 days after both companies have substantially complied with the request.
Tempur-Pedic didn't specify what type of information the FTC is seeking, and didn't estimate when the new 30-day waiting period would end. However, the company said it still expects to close the transaction during the first half of next year.
In September, Tempur-Pedic said it had agreed to buy Sealy for $2.20 per share, or about $242 million. The company said it also would assume Sealy's debt, which boosted the value of the deal to about $1.3 billion.