Tempur-Pedic (TPX) Affirms Open Market Purchases; Notifies of Upcoming Executive Option Exercises

June 8, 2012 8:03 AM EDT
Tempur-Pedic International Inc. (NYSE: TPX), confirmed that it is actively repurchasing shares in the open market under its current share repurchase authorization.

The Company had $200 million remaining available under its share repurchase authorization as of June 6, 2012, and stock repurchases under the Company's share repurchase program may be made through open market transactions, negotiated purchases or otherwise, at times and in such amounts as management and a committee of the Board deem appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, financing and regulatory requirements and other market conditions. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws.

Separately, the Company also provided background information with respect to filings with the Securities and Exchange Commission expected to be made by certain executive officers and directors. The Company acknowledged that certain executives and directors have notified the Company of their intent to exercise and hold a portion of their vested stock options. The Company expects that these executives and directors may sell shares to pay for the exercise price and the resulting tax liability. In addition, the Company has also been notified by certain executives of their intent to purchase Company shares in the open market.

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