Shares of Naked Group (NASDAQ: NAKD) slumped 11% this morning after the fashion and lifestyle brand announced its merger with Bendon Ltd., a privately held intimate apparel and swimwear company. Per the agreement, Naked Group and Bendon will become wholly owned subsidiaries of the newly formed Australian company, Bendon Group Holdings Ltd. (Holdco). Pending regulatory and shareholder approval, Holdco’s ordinary shares are expected to list on NASDAQ or NYSE by the end of October 2017.
“This transformative merger will create a powerful portfolio of iconic innerwear, sleepwear, and swimwear brands. We believe this merger will enable the combined company to strengthen its global industry leadership and continue to drive growth over the long-term,” Bendon CEO Justin Davis-Rice stated in the news release. Upon closing of the merger, Naked Group shareholders will receive approximately 7% of the outstanding ordinary shares of the combined company on a fully diluted basis, subject to adjustment.
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About Naked Brand Group Inc.:
Naked was founded on one basic desire–to create a new standard for how products worn close to the skin fit, feel, and function. Naked’s women’s and men’s collections are available at www.wearnaked.com, and Naked has a growing retail footprint for its innovative and luxurious innerwear products in some of the leading online and department stores in North America including Nordstrom, Bloomingdale’s, Dillard’s, Soma, Saks Fifth Avenue, Amazon.com, BareNecessities.com, and more. In 2014, renowned designer and sleepwear pioneer Carole Hochman joined Naked as Chief Executive Officer, Chief Creative Officer, and Chairwoman with the goal of growing Naked into a global lifestyle brand. In June 2015, Naked announced a strategic partnership with NBA Miami HEAT (now Chicago Bulls) star Dwyane Wade. The 3-time NBA Champion, 11-time All Star, and Olympic Gold Medalist joined Naked’s Advisory Board, and is the Creative Director for a signature collection of men’s innerwear which launched in 2016. Naked is headquartered in New York City and plans to expand in the future into other apparel and product categories that can exemplify the mission of the brand, such as activewear, swimwear, sportswear and more. http://www.nakedbrands.com/
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