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, Tempur-Pedic.
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.com or call 800-805-3635.
About Sealy
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.
Forward-looking Statements
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 proposed transaction.
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.