BOSTON, Sept. 27, 2012 /PRNewswire/ -- Block & Leviton LLP ( www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duty by the Board of Directors of Sealy Corporation ("Sealy" or the "Company") (NYSE: ZZ) regarding the proposed acquisition of the Company by Temper-Pedic International Inc. ("Tempur-Pedic") (NYSE: TPX) through an all cash tender offer.
Under the terms of the agreement, Sealy shareholders will receive $2.20 for each Sealy share of common stock. Based on the Company's closing share price on September 26, 2012, this amounts to less than a 3 % premium. Block & Leviton's investigation seeks to determine, among other things, whether Sealy's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed transaction. Sealy's shares traded at $2.33 in pre-market trading prior to the merger announcement on Thursday, September 27, 2012, well above the offer price. The Company's share price hit a 52-week high of $2.45 in April 2012.
If you have information relevant to this investigation, or if you are a Sealy shareholder and have questions about your legal rights, please contact attorney Steven P. Harte, Esq. at (617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years. This notice may constitute attorney advertising.Contact: BLOCK & LEVITON LLP Steven P. Harte, Esq. firstname.lastname@example.org (617) 389-5600 SOURCE Block & Leviton LLP