Mattress Firm (MFRM) Sleepy Deal Offers Near-Term Risk But Long-Term Gains - UBS
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Mattress Firm (MFRM) Announces Acquisition of Sleepy's; Piper Jaffray Raises Price Target to $55.00
December 1, 2015 7:48 AM ESTPiper Jaffray reiterated a Neutral rating on Mattress Firm Holding Corp. (NASDAQ: MFRM), and raised the price target to $55.00 (from $47.00), following the company's announcement of the acquisition of Sleepy's, along side a positive pre-announcement of Q3 sales and EPS. Following the acquisition, MFRM will be the leader in mattress retailing with over 20% market share, and with national scale for... More
Mattress Firm (MFRM) to Acquire Sleepy's in $780M Deal
November 30, 2015 4:06 PM ESTMattress Firm (NASDAQ: MFRM) has entered into an agreement to acquire all of the outstanding equity interests in HMK Mattress Holdings LLC, the holding company of Sleepys and related entities. The aggregate purchase price is $780 million, subject to working capital and other customary adjustments. Sleepys is the nations second largest specialty mattress retailer, with over 1,050 stores in 17 states in the Northeast, New England, the Mid-Atlantic and Illinois.
The closing of the acquisition, which is subject to expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and... More
Mattress Firm (MFRM) Prelim. Q3 Revenue, EPS Top Views
November 30, 2015 4:05 PM ESTMattress Firm (NASDAQ: MFRM) reported preliminary net sales and Adjusted EPS for the third fiscal quarter (thirteen weeks) ended November 3, 2015. Net sales for the third fiscal quarter increased 50.7% to $699.5 million, reflecting comparable-store sales growth of 3.8% and the addition of new and acquired stores. The Company expects third fiscal quarter earnings per diluted share (EPS) on a generally accepted accounting principles (GAAP) basis of $0.65 to $0.67, and EPS on a non-GAAP adjusted (Adjusted) basis, excluding acquisition-related costs and impairment and severance charges, is expected to be between $0.80 and $0.82 per diluted share for the third fiscal quarter.
*** The... More
