Maidenform Brands, Inc. (MFB) Investor Lawsuit to Halt Takeover for $23.50
Announced by Shareholders Foundation
SAN DIEGO, CA -- (Marketwired) -- 07/30/13 -- The Shareholders
Foundation, Inc. announces that an investor who currently holds
Maidenform Brands, Inc. (MFB) shares filed a lawsuit to halt the
proposed takeover of Leap Wireless International, Inc. by HanesBrands
for $23.50 per MFB share.
Investors who purchased shares of Maidenform Brands, Inc. (MFB) prior
to July 24, 2013 and currently hold any of those Maidenform Brands
shares, have certain options and should contact the Shareholders
Foundation, Inc. at firstname.lastname@example.org or call +1 (858)
On July 24, 2013 Maidenform Brands, Inc. announced that it has
entered into an agreement with HanesBrands pursuant to which
HanesBrands will acquire all of the outstanding shares of Maidenform
Brands, Inc. for $23.50 per share in cash.
However, the plaintiff alleges that the defendants breached their
fiduciary duties owed to NMFB stockholders by agreeing to sell the
company at an unfair price via an unfair process. The plaintiff
claims that the $23.50-offer is too low and the proposed transaction
is patently opportunistic and does not reflect the intrinsic value of
the company as a takeover candidate. Indeed, MFB shares traded in
April 2012 as high as $23.77 and in April 2011 as high as $31.66 per
share, thus above the current offer. In addition, Maidenform Brands'
financial performance improved lately. For instance, it reported that
its Total Revenue rose from $466.25 million for the 52 weeks period
that ended on Jan. 2, 2010 to $600.28 million for the 52 weeks period
that ended on Dec. 29, 2012.
Those who currently are investors in Maidenform Brands, Inc. shares
and purchased any of those MFB shares before the announcement have
certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal
monitoring and settlement claim filing service, which does research
related to shareholder issues and informs investors of securities
class actions, settlements, judgments, and other legal related news
to the stock/financial market. The Shareholders Foundation, Inc. is
not a law firm. The information is provided as a public service. It
is not intended as legal advice and should not be relied upon.
Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
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