Naked Brand Group Inc Stock Flies on Approved Merger

NAKD stock was soaring 11.1% Tuesday

Naked Brand Group Inc (NASDAQ:NAKD) has agreed to a merger with Bendon Limited, a New Zealand company, as well as Bendon Group Holding Limited, an Australian company.

Naked Brand Group IncThe merger was announced on Tuesday, sending NAKD shares soaring. The move was made a reality following a final vote by the independent inspector of elections for the special meeting of stockholders held today.

Naked Brand Group is teaming up with the lingerie company to expand its products portfolio following the Special Meeting, where shares representing roughly 54% of Naked Brand Group’s issued and outstanding shares were voted with more than 98% of the votes cast in favor of the merger proposal, amounting to more than 53% of Naked Brand Group’s outstanding shares.

Under the terms of the merger, all of the Bendon shareholders will exchange all their outstanding ordinary shares for ordinary shares of Holdco, followed by the Naked merger with Merger Sub. Naked will then exist as a wholly owned subsidiary of Holdco, which means the Naked stockholders will receive Holdco Ordinary Shares.

“We are very pleased with the affirmative vote at the special meeting of stockholders concerning our business combination with Bendon and we now look forward to closing this transaction,” said Carole Hochman, Naked’s Chairwoman, CEO and Chief Creative Officer.

NAKD stock gained about 11.1% on Tuesday on the merger news.

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