Consumer stocks were broadly mixed in late-day trading with
shares of consumer staples companies in the S&P 500 climbing
just over 1.3% today while shares of consumer discretionary firms
in the S&P 500 were down less than 0.1%.
In company news, Mattress Firm (
) was little changed just ahead of Monday's close after earlier
today announcing a deal to acquire the parent company of the
Mattress King and BedMart stores for around $35 million in
The deal for substantially all of the retail assets and
operations of Mattress Liquidators - which operates Mattress King
retail stores in Colorado and BedMart retail stores in Arizona -
adds around 75 company-owned locations to MFRM. The acquisition is
expected to close by the end of June and will be funded by cash
reserves and revolver borrowings, as well as a $3.5 million seller
note that is payable in quarterly installments over two years.
MFRM shares recently traded at $44.95 each, up 1 cent, bouncing
back from a mid-day slump that pulled the stock as low as $43.25 a
share. MFRM shares have a 52-week range of $29.29 to $49.81 each,
adding nearly 20% in value over the past year.
In other sector news,
(+) CHTR, Agrees to purchase cable systems with a combined 3.9
million customers from Comcast Corp (
) and Time Warner Cable (
) as part of the latter firms' efforts to meet anti-trust muster
with their proposed $45.2 bln merger.
(-) PHG, Sells its audio and home entertainment business to
Gibson Brands for around $135 mln. The deal also includes Gibson
paying a brand-license fee with an initial term of seven years.
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