WINSTON-SALEM, N.C. (AP) — HanesBrands is buying underwear maker Maidenform Brands Inc. for approximately $547.6 million.
The deal would add brands like Maidenform, Flexees and Self Expressions to the Hanesbrand roster that includes Playtex, Bali, Champion, Wonderbra and its namesake Hanes.
"This business is a natural fit into our core business and meets all of our acquisition criteria," HanesBrands Chairman and CEO Richard Noll said in a statement.
HanesBrands will pay $23.50 per share, a 23 percent premium to Maidenform's $19.09 Tuesday closing price. The companies put the deal's value at about $575 million.
Shares of Maidenform jumped $4.30, or 22.5 percent, to $23.39 in morning trading. HanesBrands' stock also bounced, rising $4.77, or 8.9 percent, to $58.13.