The South African retailer Steinhoff International Holdings will buy Mattress Firm Holding Corporation, the largest specialty bedding retailer in the United States, for $3.8 billion, including debt, both companies said on Sunday. Steinhoff said it would pay $64 a share, more than double Friday’s closing price of $29.74, for Mattress Firm. Sleepy’s was the second-largest specialty mattress retailer in the United States. Mattress Firm, founded in 1986, has about 3,500 stores across 48 states with 80 distribution centers. The deal would create the world’s largest mattress retail distribution company.

Source: New York Times August 08, 2016 01:07 UTC