Tempur-Pedic Repurchasing Shares in Open Market

June 7, 2012  by in UnCategorized   

By Home Furnishings Business in on June 8, 2012

Specialty bedding supplier Tempur-Pedic International Inc. (NYSE: TPX) said it is actively repurchasing shares in the open market under its current share repurchase authorization.

The company had $200 million remaining available under its share repurchase authorization as of June 6, and stock repurchases under the company's share repurchase program may be made through open market transactions, negotiated purchases or otherwise, at times and in such amounts as management and a committee of the board approve.

The timing and actual number of shares repurchased will depend on a variety of factors including price, financing and regulatory requirements and other market conditions. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws.

Separately, Tempur-Pedic also provided background information with respect to filings with the Securities and Exchange Commission http://www.sec.gov/ expected to be made by certain executive officers and directors.

The company acknowledged that certain executives and directors have notified the company of their intent to exercise and hold a portion of their vested stock options. Tempur-Pedic expects that these executives and directors may sell shares to pay for the exercise price and the resulting tax liability. In addition, the company has been notified by certain executives of their intent to purchase shares in the open market.