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Shares of apparel and lifestyle products company Naked Brand (NAKD) were falling by 14.75% to $2.08 on very heavy trading volume Thursday afternoon, after the company said it is combining with privately held Bendon Limited. The companies did not offer financial terms of the merger deal.

Once the transaction closes Naked and Bendon will become wholly owned subsidiaries of Bendon Group Holdings Limited, a newly formed Australian company. After the closing Naked's shareholders will receive approximately 7% of the outstanding shares of the combined company.

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