– Company Argues FTC is Violating
Constitutional Protections
LEXINGTON, Ky., Oct. 4, 2024
/PRNewswire/ -- Tempur Sealy International, Inc. (NYSE: TPX,
"Company" or "Tempur Sealy") today filed a complaint in
the United States District Court
for the Southern District of Texas
(the "Southern District of Texas")
seeking an injunction against the Federal Trade Commission's
("FTC") administrative proceeding challenging the Company's merger
with Mattress Firm Group Inc. ("Mattress Firm").
The action filed today asks the Southern District of
Texas to prevent the FTC from
challenging the merger via its own separate administrative
proceeding in addition to the federal court proceeding that is
pending in the Southern District of Texas, as it violates constitutional
protections.
The Company's agreement to acquire Mattress Firm is already
being challenged in federal court by the FTC, with the hearing
scheduled to begin on November 12,
2024, and expected to last two weeks.
Tempur Sealy Chairman and CEO Scott
Thompson commented, "The bedding industry is highly
competitive, including thousands of brick-and-mortar storefronts
and a vast online marketplace. The combination of Tempur Sealy and
Mattress Firm will deliver incremental benefits to consumers and
opportunities for employees, from enhanced product innovation to an
improved customer buying experience and strengthening the entire
financial position for the company. We intend to vigorously defend
our transaction in the upcoming trial in federal court, which is
the proper forum to address this issue."
The Company continues to believe that a successful litigation
process can be completed in the coming months, which would allow
the transaction to close in late 2024 or early 2025, consistent
with previous expectations.
Forward-Looking Statements
This press release contains statements that may be characterized
as "forward-looking" within the meaning of the federal securities
laws. Such statements might include information concerning one or
more of the Company's plans, guidance, objectives, goals,
strategies, and other information that is not historical
information. When used in this release, the words "will,"
"targets," "expects," "anticipates," "plans," "proposed,"
"intends," "believe" and variations of such words or similar
expressions are intended to identify forward-looking statements.
These forward-looking statements include, without limitation,
statements relating to the Company's expectations regarding the
expected Mattress Firm acquisition, including the outcome of the
pending litigation with the FTC, expectations regarding
post-closing supply agreements, future performance, integration of
acquired companies with our business and the ability of the Company
to close the Mattress Firm acquisition on the timeline indicated or
at all. Any forward-looking statements contained herein are based
upon current expectations and beliefs and various assumptions.
There can be no assurance that the Company will realize these
expectations or that these beliefs will prove correct.
Numerous factors, many of which are beyond the Company's
control, could cause actual results to differ materially from any
that may be expressed herein as forward-looking statements. These
potential risks include risks associated with receipt of regulatory
approvals and satisfaction of closing conditions prior to
consummation of the acquisition, Mattress Firm's ongoing
operations; the ability to successfully integrate Mattress Firm
into Tempur Sealy's operations and realize synergies from the
transaction; the possibility that the expected benefits of the
acquisition are not realized when expected or at all; general
economic, financial and industry conditions, particularly
conditions relating to the financial performance and related credit
issues present in the retail sector, as well as consumer confidence
and the availability of consumer financing; the impact of the
macroeconomic environment in both the U.S. and internationally on
Mattress Firm and the Company; uncertainties arising from national
and global events; industry competition; the effects of
consolidation of retailers on revenues and costs; and consumer
acceptance and changes in demand for Mattress Firm's and the
Company's products and the factors discussed in the Company's
Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form
10-Q for the quarter ended June 30,
2024. There may be other factors that may cause the
Company's actual results to differ materially from the
forward-looking statements. The Company undertakes no obligation to
update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made.
About Tempur Sealy International, Inc.
Tempur Sealy is committed to improving the sleep of more people,
every night, all around the world. As a leading designer,
manufacturer, distributor and retailer of bedding products
worldwide, we know how crucial a good night of sleep is to overall
health and wellness. Utilizing over a century of knowledge and
industry-leading innovation, we deliver award-winning products that
provide breakthrough sleep solutions to consumers in over 100
countries.
Our highly recognized brands include Tempur-Pedic®, Sealy® and
Stearns & Foster® and our popular non-branded offerings consist
of value-focused private label and OEM products. At Tempur Sealy we
understand the importance of meeting our customers wherever and
however they want to shop and have developed a powerful
omni-channel retail strategy. Our products allow for complementary
merchandising strategies and are sold through third-party
retailers, our over 750 Company-owned stores worldwide and our
e-commerce channels. With the range of our offerings and
variety of purchasing options, we are dedicated to continuing to
turn our mission to improve the sleep of more people, every night,
all around the world into a reality.
Importantly, we are committed to carrying out our global
responsibility to protect the environment and the communities in
which we operate. As part of that commitment, we have established
the goal of achieving carbon neutrality for our global wholly owned
operations by 2040.
Tempur Sealy Investor Relations Contact
Aubrey Moore
Investor Relations
Tempur Sealy International, Inc.
800-805-3635
Investor.relations@tempursealy.com
View original
content:https://www.prnewswire.com/news-releases/tempur-sealy-files-case-to-enjoin-ftcs-administrative-merger-challenge-302267190.html
SOURCE Tempur Sealy International, Inc.