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Pure Genius tailored bra, style #7539.
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current news

Maidenform: Lawsuits Over Hanes Buyout Deal


(Filed Under wholesale Lingerie News). Maidenform Brands Inc. is facing class actions filed by shareholders to block HanesBrands Inc.’s $575 million buyout of the company.

The terms of the buyout have Hanes paying $23.50 per Maidenform share, a 23 percent premium on Maidenform’s stock price when the deal was announced in July. Some investors say, however, that Maidenform’s sales have been down due to increased industry competition and Hanes unfairly took advantage of the intimate apparel company by coming up with a deal that undervalues what the intimate apparel giant is actually worth.

Those shareholders allege the Maidenform board breached its duty to shareholders by accepting the lowball offer in light of the company’s expectations for resurgence and future growth. Other investors have taken issue with transaction provisions that may deter acquisition offers from other companies, including a clause prohibiting Maidenform from soliciting bids and a mandatory $16.6 million fee Maidenform must pay to Hanes if it drops out of the deal.

While shareholder suits continue to be filed, Maidenform executives have only praised the buyout in statements to the press and investors.

“Not only does this all-cash transaction provide our shareholders with an immediate and substantial premium, it will also provide necessary resources and infrastructure to grow our business,” Maidenform CEO Maurice S. Reznick said in a recent statement. “This transaction is an important affirmation of the Maidenform brands, our prospects and the hard work and dedication of our team.”

New Jersey-based Maidenform Brands was founded in 1922 and specializes in women’s intimate apparel and shapewear. North Carolina-based HanesBrands was founded in 1901 and has approximately 51,500 employees in more than 25 countries.


more wholesale Lingerie News >>

Published 08-31-2013 by Katherine Rautenberg

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