LEXINGTON, Ky. (AP) -- Tempur-Pedic has received clearance from federal regulators for its $228.6 million acquisition of rival mattress maker Sealy, the company said Friday, sending company shares up 7 percent.
The deal arrives with competition growing more heated, as companies in the sector try to win over consumers still stung by the recession. However, with home sales on the rise, the company's timing may prove to be critical.
Shares of the Lexington, Ky., company surged $3.11 to $45.73 in morning trading. Shares of Sealy Corp., based in Trinity, N.C., added 1 cent to $2.20.