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Tempur-Pedic to buy rival mattress maker Sealy

Tempur-Pedic International Inc. said it will acquire rival mattress maker Sealy Corp. (ZZ-N) for about $242 million US and assume about $750 million in debt.

Tempur Pedic, which pioneered the specialty beds market with foam-based technology developed by NASA, is attempting to regain market share from fast-moving rivals by acquiring Sealy.

The offer price represents a 3-percent premium to Sealy's Wednesday close of $2.14.

Tempur-Pedic said it had received consent from shareholders holding about 51 percent of Sealy's stock. It said no other shareholder approvals are required to complete the deal.

After the deal, Tempur-Pedic and Sealy will continue to operate independently and Sealy Chief Executive Larry Rogers will remain CEO of Sealy and report to Mark Sarvary, Tempur-Pedic's CEO CTV Two CTV News CTV News Channel BNN - Business News Network CP24