An investigation on behalf of investors of Sealy Corporation (NYSE:ZZ) in connection with the proposed takeover was announced and NYSE:ZZ stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/01/2012 -- An investigation on behalf of investors in Sealy Corporation (NYSE:ZZ) shares was announced concerning whether the offer by Tempur-Pedic to acquire Sealy Corporation for $2.20 per NYSE:ZZ share and the takeover process are unfair to investors in Sealy Corporation.
Investors who purchased shares of the Sealy Corporation (NYSE:ZZ) prior to September 27, 2012, and currently hold any of those NYSE:ZZ shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Sealy Corporation breached their fiduciary duties owed to NYSE:ZZ investors in connection with the proposed acquisition.
On September 27, 2012, Tempur-Pedic International Inc. (NYSE: TPX) and Sealy Corporation (NYSE: ZZ) announced that they have signed an agreement to create a $2.7 billion global bedding provider. Under the terms of the proposed transaction Tempur-Pedic will acquire all of the outstanding common stock of Sealy for $2.20 per share.
However, given that stockholders holding approximately 51% of Sealy’s outstanding common stock have already executed a written consent approving the transaction and no additional shareholder approvals are required to complete the transaction, the investigation a law firm concerns whether the proposed transaction is unfair to NYSE:ZZ stockholders. Furthermore, Shares of Sealy Corporation (NYSE:ZZ) traded as recently as April 17, 2012 at $2.32 per share, thus well above the current offer.
Therefore, the investigation focuses on whether the Sealy Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Sealy Corporation (NYSE:ZZ) and purchased their Sealy Corporation shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com