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Polo-shirt manufacturer receives share offer

Thursday 05th of October 2006 01:40:00 PM

T-shirt and polo-shirt manufacturer Hanesbrands has been notified of a tender offer from TRC Capital Corporation.

The move, a mini-tender offer for up to two million shares, has not been endorsed by Hanes and is equivalent to a minority stake of 2.1 per cent of the company's outstanding share capital.

Hanes said in a statement it is "not associated in any way with TRC Capital", a mergers and acquisitions advisory firm, stating that the move is "unsolicited".

TRC made an offer of $21.50 (£11.41) per share, equivalent to a shortfall of 3.9 per cent on Hanes' closing share price on September 26th – the last trading day prior to the offer.

The firm's shares were trading at $22.49 this week.

Last month, the polo-shirt manufacturer announced plans to reduce costs by moving manufacturing operations from three plants in the US and Mexico to the Caribbean basin and Central America.

The move will "strengthen the competitiveness and flexibility" of Hanes' global supply chain, the firm said.

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