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Tempur Sealy International (NYSE:TPX) provided a statement to Seeking Alpha regarding the Federal Trade Commission challenging the proposed merger of the company with Mattress Firm Group Inc.
“Tempur Sealy has been working constructively with the FTC to secure regulatory approval for this transaction and is disappointed that the FTC has initiated litigation. We appreciate their efforts to understand the industry and the proposed transaction, but ultimately believe the FTC’s perspective does not reflect all the relevant facts and law.”
The company also highlighted that the bedding industry is highly competitive, offering consumers a diverse selection of products, brands, price points, and purchasing channels. It was also pointed out that there are thousands of brick-and-mortar storefronts across the United States where consumers can purchase bedding products, only a small fraction of which are operated by Mattress Firm. In addition, brick-and-mortar retailers and direct-to-consumer bedding brands sell millions of bedding products online each year.
Tempur Sealy (TPX) believes an acquisition of Mattress Firm would unlock incremental benefits for all stakeholders, particularly consumers.
Shares of Tempur Sealy (TPX) were up 1.88% in Tuesday afternoon trading. The bedding stock was at its 2024 low last week.