Maidenform to Buy 1.6M Shares From Shareholder
Maidenform to buy half the 3.2M shares Ares fund is selling
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ISELIN, N.J. (AP) — Underwear maker Maidenform Brands Inc. said Wednesday that it will buy half of the 3.2 million shares that shareholder Ares Corporate Opportunities Fund LP is selling in an underwritten public offering.
Maidenform said it will buy 1.6 million of the shares from Barclays Capital Inc., which is underwriting the transaction, through an existing stock buyback plan. Maidenform will pay the same price Barclays is paying Ares for the shares.
Ares Corporate Opportunities Fund, which is an affiliate of alternative asset manager Ares Management LLC, will not own any Maidenform shares after the stock sale.
Maidenform had 23.34 million shares outstanding as of its most recent quarterly report.
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