|By Marketwired .||
|July 30, 2013 09:35 AM EDT||
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 [email protected] or call +1 (858) 779-1554.
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