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  • Nick Monjo

Naked Shareholders Vote To Merge With Bendon

Naked Brand Group stockholders have voted to merge with Bendon, the much larger, New Zealand based intimates firm. The plan has been in the works for over a year.

The merger involves several related entities including Naked, Bendon Limited, “Bendon Group Holdings Limited, an Australia limited company (“Holdco”), Naked Merger Sub Inc., a Nevada corporation and a wholly owned subsidiary of Holdco” as well as “Bendon Investments Ltd., a New Zealand company and the owner of a majority of the outstanding shares of Bendon.”

In its announcement, Naked said that at a meeting June 11th, “shares representing approximately 54% of Naked’s issued and outstanding shares were voted with more than 98% of the votes cast in favor of the merger proposal, representing more than 53% of Naked Brand Group’s outstanding shares.”

Naked has been trading under the symbol NAKD for some time, but the recently combined entity, Holdco, is not yet publicly traded. It “has applied for listing on the Nasdaq Capital Market to be effective at the time of the completion of the business combination. Completion of the business combination is subject to certain conditions, including the approval of Holdco’s application for the listing of its shares on the Nasdaq Capital Market and other customary closing conditions. The ordinary shares for the combined company are expected to commence trading on The NASDAQ Stock Market under the symbol “NAKD” once the merger is completed. The parties will look to consummate the transactions as soon as possible.”

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