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Investor sues Maidenform directors over $575 million Hanes deal

Suit claims acquisition is “grossly unfair”

A recently proposed acquisition between two intimate apparel companies has one investor up in arms.

On July 24, Maidenform Brands Inc. announced that HanesBrands Inc. would buy it for $23.50 a share, or about $575 million. The all-cash deal is subject to approval by Maidenform shareholders and regulators; it’s expected to close in the fourth quarter of this year.

But one investor thinks Maidenform is worth more than $575 million. In a complaint made public yesterday, a Maidenform shareholder is suing the company for agreeing to a merger that is “grossly unfair” and that “does not reflect the intrinsic value of the company as a takeover candidate.”

Read Bloomberg for more details about the suit.

For more M&A stories from InsideCounsel, read:

Merger challenges were up in 2012 fiscal year

Cheat Sheet: What GCs need to know about government merger enforcement trends

How antitrust authorities view mergers and acquisitions

A records management checklist for mergers and acquisitions

Ashley Post

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