LEHI, Utah—The largest shareholder in mattress maker Purple Innovation Inc. has submitted an unsolicited bid to buy all outstanding shares in the company.
Private equity company Coliseum Capital Management L.L.C. submitted a letter to Lehi-based Purple on Sept. 17 saying it would pay $4.25 per share, a 56-percent premium to the $2.79 price listed on Sept. 16, according to a proposal filed with the U.S. Securities and Exchange Commission. Coliseum already owns 45 percent of Purple.
"The Purple Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of Purple and all Purple shareholders," the company said in a news release.
Coliseum also has a minority ownership, 18 percent, in mattress maker Tempu-Pedic International.