Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Foam mattress-maker Tempur-Pedic International, Inc. said Thursday it has agreed to buy its smaller rival, Sealy Corporation, in a deal worth $1.3 billion including debt. Lexington, Kentucky–based Tempur-Pedic will pay $2.20 in cash for each Sealy share, a total of about $228.6 million. The purchase price represents a premium of 2.8 percent over Sealy’s Wednesday closing share price. The deal is expected to close during the first half of 2013, pending regulatory approval. By acquiring its Trinity, North Carolina–based rival, Tempur-Pedic bolsters its product offerings with brands that include Sealy, Sealy Posturepedic, and Stearns & Foster. Sealy operates 25 plants in North America and reported $1.2 billion in sales during the 2011 fiscal year. The deal comes less than two months after private equity firm Advent International paid $3 billion for a majority stake in AOT Bedding Super Holdings, the parent company of mattress-makers Serta and Simmons. Bingham McCutchen is advising Tempur-Pedic on the purchase with a team led by corporate cochair John Utzschneider. Bingham’s team also includes antitrust partners William Berkowitz and Brandon Bigelow; intellectual property partner Scott Bluni; M&A partner Benjamin Burkhart; real estate partner James Black, Jr.; tax partner Anthony Carbone; finance partner Amy Kyle; labor and employment partner Louis Rodriques; and environmental partner Michael Wigmore. M&A partners Christina Melendi, Amy Mugherini, and Carl Valenstein also advised, along with benefits and compensation partners Natascha George and Russell Isaia. Other Bingham attorneys on the matter include banking of counsel Anastasia Caviris; corporate governance of counsel Rebecca Hartley; M&A counsel Gitte Blanchet; tax counsel Thomas Gray; and benefits and compensation counsel Rachel Faye Smith.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2017 ALM Media Properties, LLC. All Rights Reserved.