Friday, June 8, 2012

Reuters: Mergers News: UPDATE 2-Tempur-Pedic buying back shares under repurchase plan

Reuters: Mergers News
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UPDATE 2-Tempur-Pedic buying back shares under repurchase plan
Jun 8th 2012, 13:20

Fri Jun 8, 2012 9:20am EDT

June 8 (Reuters) - Tempur-Pedic International Inc said it was buying back shares in the open market on Friday under its repurchase plan, two days after the mattress maker's profit warning wiped out nearly half of its market value.

Tempur-Pedic, which announced its $250 million share buyback plan in January, said it had $200 million remaining under the repurchase plan as of June 6.

The company's shares were up 2.4 percent at $22.93 in premarket trading.

Tempur-Pedic, which revolutionized the industry with its foam-based technology originally developed by NASA, on Wednesday forecast bleak earnings for the current year as it loses ground to rivals in the specialty mattress market it once dominated.

The market now accounts for over 25 percent of all mattress sales.

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