Robbins Umeda LLP Announces an Investigation of Sealy Corporation
September 27 2012 - 7:09PM
Business Wire
Shareholder rights firm Robbins Umeda LLP has commenced an
investigation into possible breaches of fiduciary duty and other
violations of the law by members of the board of directors of Sealy
Corporation (NYSE: ZZ) in connection with their efforts to sell the
company to Tempur-Pedic International Inc. (NYSE: TPX). Concerned
shareholders who would like more information about their rights and
potential remedies can contact attorney Gregory E. Del Gaizo at
(800) 350-6003, info@robbinsumeda.com, or via the shareholder
information form on the firm's website.
On September 27, 2012, Sealy and Tempur-pedic announced that
they had entered into a definitive merger agreement under which
Sealy will be acquired by Tempur-pedic. According to the terms of
the deal, Sealy shareholders will receive $2.20 for each share they
own. The $2.20 per share offer price represents a premium of only
2.8% based on Sealy's closing price on September 26, 2012. Further,
as recently as September 26, 2012, Sealy shares traded over the
offer price, trading as high as $2.22. The transaction is expected
to close in the first half of 2013.
Robbins Umeda LLP's investigation focuses on whether the board
of directors at Sealy is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders. On
September 27, 2012, Sealy reported financial results for the third
quarter of 2012, with net sales of $365.4 million, a 9.4% increase
over the third quarter of 2011. Sealy's net sales for the third
quarter of 2012 of $365.4 million beat analyst estimates by 6.2%,
marking the third consecutive quarter that the Company's sales have
exceeded analyst expectations. Given these financial results,
Robbins Umeda LLP is examining the board of directors' decision to
sell Sealy now rather than allow shareholders to continue to
participate in the company's continued success and future growth
prospects.
Robbins Umeda LLP attorneys highlight that Sealy shareholders
have the option to file a class action lawsuit against the company
to secure the best possible price for the company's shareholders
and the disclosure of material information to shareholders so they
can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/sealy-corporation/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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