Steinhoff International Holdings NV, with headquarters in Johannesburg, has completed the acquisition of Houston-based sleep shop chain Mattress Firm.
The cash offer of $64 per share was announced Aug. 8 and closed Sept. 16. Upon completion of the merger, Mattress Firm became a wholly-owned subsidiary of Steinhoff and Mattress Firm’s common stock ceased trading on the Nasdaq stock market.
All validly tendered shares—a total of 25,104,824 shares, representing approximately 67.36% of the outstanding common stock of Mattress Firm—were accepted for payment.
Mattress Firm’s management, led by Steve Stagner, executive chair, and Ken Murphy, president and chief executive officer, remain in place and continue to run Mattress Firm’s day-to-day activities.
“The transaction with Steinhoff is complete and I am delighted that Mattress Firm is now part of the Steinhoff organization,” Murphy said. “Steinhoff has a proven track record in the global mattress industry and they share our vision for the growth and expansion of Mattress Firm. This is an exciting event for our customers, employees and business partners as we enter a new chapter for Mattress Firm. Our team remains committed to building a national chain under one banner in the U.S. and offering our guests a great night’s sleep.”