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If you purchased shares of the Sealy Corporation (NYSE:ZZ) prior to September 27, 2012, and currently hold any of those NYSE:ZZ shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Oct. 02, 2012 (Shareholders Foundation) -- An investor in shares of Sealy Corporation (NYSE:ZZ) filed a lawsuit against directors of Sealy Corporation in effort to block the proposed takeover by Tempur-Pedic at $2.20 per NYSE:ZZ.
The plaintiff alleges that defendants breached their fiduciary duties owed to NYSE:ZZ investors by agreeing to sell the Sealy Corporation too cheaply via an unfair process to Tempur-Pedic International.
On September 27, 2012, Tempur-Pedic International Inc. and Sealy Corporation 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, the plaintiff alleges that the process is unfair to NYSE:ZZ stockholders. In fact Sealy Corp.'s largest shareholder, KKR & Co. LLP and other shareholders, 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.
Furthermore, so the plaintiff the offered price is also unfair since it undervalues the company. Indeed, shares of Sealy Corporation (NYSE:ZZ) traded as recently as April 17, 2012 at $2.32 per share, thus well above the current offer.