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WASHINGTON – It’s been just over a week since Tempur Sealy International closed on its nearly $5 billion acquisition of Mattress Firm, and the companies are asking that the case still pending in the Federal Trade Commission’s administrative court be withdrawn.
The companies argue in the motion that, given the ruling by the U.S. Court for the Southern District of Texas denying the FTC’s request for a preliminary injunction and the agency’s decision not to appeal to the ruling within seven days post-ruling, withdrawing the administrative case is “mandatory.”
Tempur Sealy closed the deal Wednesday, Feb. 5, taking ownership of the 2,300-store specialty sleep retailer. The FTC and the company have an “evidentiary hearing” in the matter currently scheduled for 10 a.m., March 12.
Citing an FTC administrative court rule, the motion argues that the matter must be withdrawn from adjudication since the preliminary injunction was denied and no appeal was filed within the required seven-day time period.
The federal court ruled in favor of Tempur Sealy’s acquisition of Mattress Firm on Jan. 31. The motion also says that the FTC told the companies that it does not plan to appeal. The request concludes saying that the rules require the matter to be withdrawn from adjudication two days after the filing of a motion. That would fall on Saturday, Feb. 15.
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