Furniture Today Executives Slam FTC’s 11th-Hour Attempt to Kill Proposed Acquisition by Seven Days. The proposed acquisition agreement, which would see the two companies merge for a total of $4 billion, expired in December 2023 after Tempur Sealy and Mattress Firm completed their compliance with the Federal Trade Commission’s investigation.
The companies say that granting the FTC an extension would “run out the clock” on the deal, allowing the merger to expire. The proposed acquisition was signed in May 2023, but the companies have agreed to delay closing the deal multiple times already.
Tempur Sealy and Mattress Firm argue that they have invested significant time and resources into the process, and that the FTC could have made an extension request earlier on. The Federal Trade Commission had previously voted 5-0 to block the deal in July, with both companies expressing disappointment at the decision.
The companies are now fighting back against the FTC’s bid to extend the temporary restraining order by seven days, calling it an “eleventh-hour gambit.”
Source: https://www.furnituretoday.com/bedding-manufacturers/ftc-7-day-extension-would-kill-tempur-sealy-mattress-firm-merger