Naked Brand Group Inc. (NASDAQ: NAKD) shares galloped Tuesday, after its shareholders approved merger agreement with Bendon at a special meeting Monday.
The New York-based Naked Brand, an innovative fashion and lifestyle brand, announced that, stockholders approved, among other things, a proposal to adopt the previously announced Agreement and Plan of Merger by and among Naked, Bendon Limited, a New Zealand limited company, Bendon Group Holdings Limited, an Australia limited company, Naked Merger Sub Inc., a Nevada corporation and a wholly owned subsidiary of Holdco and Bendon Investments Ltd., a New Zealand company and the owner of a majority of the outstanding shares of Bendon
At the Special Meeting, shares representing approximately 54% of Naked’s issued and outstanding shares were voted with more than 98% of the votes cast in favor of the merger proposal, representing more than 53% of Naked Brand Group’s outstanding shares.
Under the terms of the Merger Agreement, all of the shareholders of Bendon will exchange all the outstanding ordinary shares of Bendon for ordinary shares of Holdco, and immediately thereafter, Naked will merge with Merger Sub, with Naked surviving as a wholly owned subsidiary of Holdco and the Naked stockholders receiving Holdco Ordinary Shares.
"Currently featuring an innovative and luxurious collection of innerwear products,” says Naked’s website, “the Company plans to expand into additional apparel and product categories that exemplify the mission of the brand, such as activewear, swimwear, sportswear and more."
The shares hoisted 57 cents, or 38.7%, to $2.06
