Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Wednesday, July 3rd. I'm Julie Morgan.

The FTC sues to block the temperous July 3rd, I'm Julie Morgan.

The FTC sues to block the temper sealing mattress firm deal.

Don't expect a Rivian Volkswagen vehicle

and Eli Lilly gets a win from the FDA.

The Federal Trade Commission has sued to block mattress maker,

Temper-Sile's plan $4 billion purchase of mattress firm.

According to a statement from the FTC on Tuesday, the

regulator issued an administrative complaint and authorized a lawsuit in

federal court to prevent the deal, alleging that Temper Seely, the world's largest mattress supplier and

manufacturer, will have the ability and incentive to suppress competition and

raise prices for mattresses for millions of consumers once it acquires a mattress firm.

The Commission voted 5 to 0 to authorize the lawsuit.

Henry Lou, the Director of the FTC's Bureau of Competition, said in a statement Tempersielie has made it abundantly clear that

its acquisition of mattress firm is intended to kneecap competitors and dominate the market.

Temper Sealy responded to the FTC sued in a statement on Tuesday and said it believes the

FTC's perspective does not reflect all the relevant facts and law.

The statement went on to say that Temper Seely believes

that a successful litigation process can be completed in the coming months which

would allow them to close the transaction in late 2024 or early 2025.

Tempersely agreed to buy mattress firm in a $4 billion dollar deal in May of 2023.

...