Sleep Number says it intends to continue dialogue with Stadium Capital

Sleep Number issued a statement regarding the press release from Stadium Capital Management, LLC, one of the company’s shareholders: “The Sleep Number Board and management team are committed to acting in the best interests of the Company and all of its shareholders. They maintain regular communication with the Company’s shareholders and welcome all constructive input that furthers the goal of enhancing shareholder value. To this end, members of the Sleep Number Board and management team have engaged in regular discussions with Stadium Capital to better understand its views with respect to the Company, and they intend to continue that dialogue. The Company’s Independent Lead Director has also met with Stadium Capital several times separately from management. The Board has moved expeditiously to put together a proposal that demonstrates that Sleep Number has listened closely to Stadium Capital and offered an opportunity for Stadium Capital to participate in the selection of a new independent director. Sleep Number is confident in the Company’s strategy and remains intensely focused on continuing to strengthen its brand, culture and distinct competitive advantages to drive meaningful value for shareholders, while managing ongoing macro-environment challenges. The Sleep Number Board is comprised of ten highly qualified directors, nine of whom are independent and three of whom have joined the Board in the last four years. Together our directors have the skills, diversity and expertise to oversee the execution of the Company’s strategy.”