(AP) - MATTRESS BEDFELLOWS: Tempur-Pedic International Inc., the 20-year-old leader in foam mattresses, is buying more-than-a century-old rival Sealy Corp. for about $228.6 million in cash.
THE DETAILS: Tempur-Pedic will pay $2.20 per Sealy share, which is a 3 percent premium to the company's Wednesday closing price of $2.14. Tempur-Pedic will also assume or pay back all of Sealy's outstanding debt. The Lexington, Ky., company plans to finance the acquisition with debt.
BEHIND THE DEAL: The transaction comes as competition has increased in the mattress industry, with makers stepping up their marketing and promotions to help lure cost-conscious consumers into making big purchases.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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