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Cerevel Therapeutics (NASDAQ:CERE) rose 2.2% amid a report that the Federal Trade Commission’s closed door meeting on Monday is about Tempur Sealy’s (NYSE:TPX) proposed acquisition of Mattress Firm. Tempur Sealy ticked down 0.5%.
Shares of Cerevel (CERE) rose as some investors were likely concerned that the FTC meeting may be about the AbbVie (ABBV) deal. Cerevel shares dropped 4.5% on Tuesday as there was some vague speculation among traders that the FTC was gearing up for a lawsuit and that Cerevel (CERE) was increasingly looking like it may be the target for the regulator.
The latest update on Tempur Sealy (TPX) comes after a report from CTFN on Tuesday that TPX and Mattress Firm were holding meetings with the FTC on their deal this week to try to persuade the regulator, who may decide early as next week on the transaction.
The two Republican commissioners were initially prepared to vote alongside the three Democrats to block the deal, according to the CTFN report on Thursday. It appears the Republicans have now wavered and aren’t as convinced by the FTC staff’s arguments.
Tempur Sealy (TPX), which agreed to buy Mattress Firm in a $4 billion deal in March 2023, has agreed to see off some of its retail stores to try to appease the FTC, according to the CTFN report on Tuesday.
