An investigation on behalf of investors of Maidenform Brands, Inc. (NYSE:MFB) in connection with the proposed takeover was announced and NYSE:MFB stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/29/2013 -- An investigation on behalf of investors in Maidenform Brands, Inc. (NYSE:MFB) shares was announced concerning whether the offer by HanesBrands to acquire Maidenform Brands, Inc. for $23.50 per NYSE:MFB share and the takeover process are unfair to investors in NYSE:MFB shares.
Investors who purchased shares of Maidenform Brands, Inc. (NYSE:MFB) prior to July 24, 2013 , and currently hold any of those NYSE:MFB shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Maidenform Brands, Inc. breached their fiduciary duties owed to NYSE:MFB investors in connection with the proposed acquisition.
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, given that 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, the investigation by a law firm concerns whether the offer is too low for NYSE:MFB stockholders. More specifically, the investigation focuses on whether the Maidenform Brands Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Maidenform Brands, Inc. (NYSE:MFB) reported that its Total Revenue rose from $466.25 milion 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.
NYSE:MFB sahres closed on July 24, 2013, at $23.36 per share.
Those who are current investors in Maidenform Brands, Inc. (NYSE:MFB), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com