Maidenform Brands (MFB) says it's been notified by the FTC's Premerger Notification Office of the early termination of the waiting period under the HSR Act applicable to its proposed merger with Hanesbrands (HBI).
The proposed merger remains subject to the approval by MFB's stockholders, who are scheduled to vote on Thursday, October 3.
Hanes (HBI) agrees to acquire Maidenform (MFB) for $575M or $23.50/share, a 23% premium to yesterday's closing price. HBI expects the deal to boost EPS in the first 12 months after closing; within three years, it is expected to deliver annually more than $500M in incremental sales, $0.60 EPS, $80M of operating profit, and $65M of free cash flow. MFB +22.1% premarket.