P. M. BRIEFING : Biggest Bedding Firm OKs Buyout
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From Times wire services
NEW YORK — Ohio Mattress Co., the world’s largest bedding company and maker of such well-known brands as Sealy and Stearns & Foster mattresses, today agreed to a leveraged buyout by top management and Gibbons, Green, Van Amerongen valued at $940 million.
Ohio Mattress had offered itself for sale last November and received six buyout bids. It will become a private concern owned by the New York-based merchant bank after a $25.50 a share tender offer is completed. Its shares, which traded under $9 last year, jumped $3 today to $24.75.
