This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Maidenform To Be Acquired By HanesBrands For $23.50 Per Share In Cash

Maidenform, Inc. (NYSE: MFB) today announced that it has entered into a definitive agreement with HanesBrands (NYSE: HBI) pursuant to which Hanes will acquire all of the outstanding shares of Maidenform for $23.50 per share in cash, representing a transaction value of approximately $575 million. The transaction price represents a premium of approximately 23% to yesterday’s closing share price and a premium of approximately 30% to the 30-day average trading price. The transaction, which has been unanimously approved by the Maidenform Board of Directors, is expected to close in the fourth quarter of 2013.

By combining with Hanes, Maidenform will become part of a larger, more diverse apparel company with strong cash flows and a portfolio of iconic brands, well-positioned to reach new and existing customers around the globe. Maidenform will be able to accelerate product innovation and enhance its marketing and sales strategy to further penetrate important market segments across channels and geographies. In addition, Hanes’ robust global infrastructure and supply chain will allow Maidenform to maximize its value to retailers and consumers.

Maurice S. Reznik, Chief Executive Officer of Maidenform, said, “Maidenform and Hanes are two companies that share rich histories, world-class and complementary brands, and promising futures. 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. This transaction is an important affirmation of the Maidenform brands, our prospects and the hard work and dedication of our team.”

Karen Rose, Chairman of Maidenform’s Board of Directors, said, “After thoroughly evaluating potential strategic options for the company, we determined that the acquisition of Maidenform by Hanes is in the best interests of our shareholders. We are thrilled to have reached this agreement.”

Richard A. Noll, Chairman and Chief Executive Officer of Hanes, said, “We are looking forward to Maidenform joining the Hanes family. Maidenform has great brands that consumers trust. Combining the complementary strengths of both companies creates a lot of growth opportunities.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,596.35 -350.33 -1.95%
S&P 500 2,057.64 -43.85 -2.09%
NASDAQ 4,958.4680 -122.0370 -2.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs