Maidenform Investor Sues To Halt $575M Hanes Buyout

Law360, Chicago (July 29, 2013, 1:22 PM EDT) -- A Maidenform Brands Inc. shareholder on Friday launched a class action in Delaware to block Hanesbrands Inc.'s proposed buyout of the lingerie company, calling the $575 million offer "grossly unfair."

The complaint, lodged by Bonnie Federman, alleges the Maidenform board breached their duty to shareholders by accepting a lowball offer for the Iselin, N.J.-based company just as its prospects are taking a positive turn.

"[T]he proposed transaction is patently opportunistic and does not reflect the intrinsic value of the company as a takeover candidate in light...
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