Tempur-Pedic (TPX) Continues Process to Acquire Sealy
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Tempur-Pedic International Inc. (NYSE: TPX) provided an update today on certain aspects of the proposed acquisition of Sealy Corporation, in response to investor inquiries.
With respect to the process for antitrust review under the Hart-Scott-Rodino ("HSR") Antitrust Improvements Act of 1976, the Company confirmed that it has refiled its HSR notification, which resulted in a new 30-day waiting period under the Act. The new 30-day period will expire on November 30, 2012 unless the Federal Trade Commission issues a request for additional information and documentary materials (a Second Request). The Company further noted that this refiling and extension of the waiting period is consistent with its initial expectations for the regulatory process.
In addition, the Company confirmed that the time period under the Agreement and Plan of Merger Agreement with Sealy during which Sealy was permitted to terminate the Merger Agreement to accept a "Superior Proposal" has expired.
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With respect to the process for antitrust review under the Hart-Scott-Rodino ("HSR") Antitrust Improvements Act of 1976, the Company confirmed that it has refiled its HSR notification, which resulted in a new 30-day waiting period under the Act. The new 30-day period will expire on November 30, 2012 unless the Federal Trade Commission issues a request for additional information and documentary materials (a Second Request). The Company further noted that this refiling and extension of the waiting period is consistent with its initial expectations for the regulatory process.
In addition, the Company confirmed that the time period under the Agreement and Plan of Merger Agreement with Sealy during which Sealy was permitted to terminate the Merger Agreement to accept a "Superior Proposal" has expired.
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