Maidenform Stockholders Okay Merger With Hanesbrands - Quick Facts
(RTTNews.com) - Intimate apparel company Maidenform Brands Inc. (MFB) said Thursday its stockholders approved its merger with Hanesbrands Inc. (HBI).
At a special meeting of shareholders today, about 99 percent of the votes cast were in favor of the deal, Maidenform said.
In July, Hanesbrands agreed to acquire all of the outstanding shares of Maidenform common stock for $23.50 per share in cash, without interest. The dea is valued at about $575 million on an enterprise-value basis.
The deal is expected to close on October 7, at which time Maidenform will cease to be traded on the NYSE.
Iselin, New Jersey-based Maidenform designs and markets a range of intimate apparel products, including bras, panties and shapewear.
HanesBrands expects the deal to be accretive to earnings per share in the first 12 months after closing and is projected to deliver full benefits within three years of more than $500 million in incremental annual sales and $0.60 in earnings per share.
After the deal closes, HanesBrands' pro forma projected annual revenue would be more than $5 billion.
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