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Steinhoff Beds Down at Mattress Firm

South African furniture to car-rentals group Steinhoff made a surprise $3.8 billion swoop on U.S. mattress retailer Mattress Firm (MFRM) , paying $64 million a share in cash, and funding the whole acquisition with debt.

The deal will see Steinhoff pay $2.4 billion for Houston, TX-based Mattress Firm's equity and a further $1.4 billion for its debt, much of it the result of the target's own acquisition spree. Mattress Firm paid $780 million for rival Sleepy's last November, in a move that left it too thinly...