Tempur-Pedic to acquire rival Sealy Corp

Sept 27 Thu Sep 27, 2012 7:18am EDT

Sept 27 (Reuters) - Tempur-Pedic International Inc said it will acquire rival mattress maker Sealy Corporation for about $242 million and assume about $750 million in debt.

Tempur-Pedic will acquire all of the outstanding common stock of Sealy for $2.20 per share, a 3 percent premium to Sealy's Wednesday close.

The transaction has been approved by the boards of directors of both companies.

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