Peki International Limited
Go to bed with rival Sealy Corp. for $2.
The two companies said Thursday they were $20 a share.
The manufacturer will become a $2 bedding giant.
7 billion in an industry already packed with competitors such as Serta Inc.
Simmons Bedding CompanyLexington, Ky. -based Tempur-
Pedic has been there since the beginning of 1990 and is known for its pressure
According to the company, memory relief foam products are based on technology designed by NASA for astronauts.
Sealy, founded in the town of the same name in Texas, is now headquartered in Trinity, New York. C.
It dates back to 1881 and is famous for its spring. coil beds.
The price is 2.
Sealy\'s $2 premium is 8%. 14-per-
Shares closed on Wednesday at about $0. 229 billion.
Including Sealy\'s outstanding convertible and non-convertible
Convertible debt of Tempur-
The Pedic will bear or repay the total amount of the transaction at $1. 3 billion.
The board of directors of both companies approved the acquisition, while shareholders also held 51% of Sealy\'s outstanding common stock.
In the transaction, Sealy and Tempur-
The Pedic will operate independently and is expected to close in the first half of next year.
In early trading in New York, Sealy\'s share price has surpassed its price to $2.
Earlier in the afternoon, Tempur-
Pedic shares rose 17% or $4. 60, to $31. 38 a share. ALSO:Grown-
NASA has set a listing date for the first contracted missionDole to sell the business to the Japanese company Itochu for $1.