Bingham Guides Struggling Tempur-Pedic In $992M Sealy Buy

Law360, New York (September 27, 2012, 11:55 AM EDT) -- Specialty mattress maker Tempur-Pedic International Inc. will swallow up rival Sealy Corp., the buyer said Thursday, in a cash-and-debt deal worth $992 million that would spawn a multibillion-dollar industry powerhouse.

Under the deal's terms, Lexington, Ky.-based Tempur-Pedic, known for its foam products, will give Sealy shareholders $2.20 per share, representing a 23 percent premium over the 30-day average leading up to Wednesday's closing price. In addition to the $242 million cash consideration, Tempur-Pedic will assume about $750 million of its target's debt.

Sealy's share price ticked...
To view the full article, register now.