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Maidenform Brands, Inc. (NYSE:MFB) Investor Files Lawsuit Over Alleged Breaches Of Fiduciary Duties In Takeover By HanesBrands

  • If you purchased shares of Maidenform Brands, Inc. (NYSE:MFB) prior to July 24, 2013 , and currently hold any of those NYSE:MFB shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Maidenform Brands, Inc.
Security
NYSE: MFB

Case Name
Maidenform Brands Deal Case 07/29/2013
Type of Lawsuit
Mergers and Acquisition
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Summary

July 30, 2013 (Shareholders Foundation) - An investor, who currently hold shares of Maidenform Brands, Inc. (NYSE:MFB) , filed a lawsuit in effort to halt the proposed takeover of Maidenform Brands, Inc. by HanesBrands for $23.50 per NYSE:MFB share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:MFB stockholders by agreeing to sell the company at an unfair price via an unfair process.

On July 24, 2013 Maidenform Brands, Inc. (NYSE:MFB) announced that it has entered into an agreement with HanesBrands (NYSE: HBI) pursuant to which HanesBrands will acquire all of the outstanding shares of Maidenform Brands, Inc. (NYSE:MFB) for $23.50 per share in cash, representing a transaction value of approximately $575 million.

However, 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, NYSE:MFB shares traded in April 2012 as high as $23.77 per share 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.