MILWAUKEE, July 24, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Maidenform for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Maidenform to Hanesbrands.
Click here to learn how to join the action: http://www.ademilaw.com/case/maidenform-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Maidenform's long-term financial outlook is very positive and yet Maidenform shareholders will receive only $23.50 for their shares. Hanesbrands is well aware of Maidenform's improving financial metrics and is purchasing Maidenform at a substantial discount. The merger agreement unreasonably limits prospective bids for Maidenform by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Maidenform receive and accept a superior bid. Maidenform insiders, their affiliates and other majority shareholders own significant voting units of Maidenform, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Maidenform not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Maidenform's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Maidenform given its current financial condition and prospects.
If you own shares of Maidenform and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, http://www.ademilaw.com/case/maidenform-inc.
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