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From Home Furnishing Business

More Than 67% of Mattress Firm Shares Tendered by Deadline

Steinhoff International (FRANKFURT: SNH) said more than 67% of the outstanding shares of Mattress Firm were tendered by the midnight Tuesday deadline, which will allow it to complete its acquisition of the bedding retailer on schedule.

The two companies have said they hope to complete the deal by the end of September.

Mattress Firm shareholders will receive $64 per share, which makes the deal worth about $3.8 billion, including net debt.

It marks Steinhoff’s entry into the North American retail market, where Mattress Firm has more than 3,500 stores in 48 states.

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