Bendon Lingerie has merged with investor, Naked Group, the merge follows the company’s first listing on the Nasdaq Stock Market.
Bendon’s merge and reverse listing are a first for the company. The reverse listing, which is a type of merger, is what Bendon had to be part of to be able to trade its stocks – like all trades.
Bendon has merge with Naked Group who will buy the largest percentage of the stock in order to control the now publicly traded company.
This merge means the lingerie company can now trade publicly without having to resort an initial public offering.
Russell McVeagh partners John Powell and David Raudkivi advising Bendon, who have worked alongside the brand through the process, expect success from the new merge.
“This is the first time a New Zealand company is set to reverse list on the NASDAQ. The listing will position the combined Bendon/Naked Group well for long-term, future growth,” Powell says.
Naked Group and Bendon will both be owned by Bendon Group Holdings Limited, Australian holding company and the previous shareholders of the two brands.
Now that the two companies operate under the umbrella, the scheme set out to convert the private company into a public company can be completed.
The merge is expected to be complete by the end of October this year, while upon closing Naked’s original shareholding will get seven percent of the outstanding ordinary shares of the joint companies.
Bendon has been in operation for 65 years, and has stores across both Australia and New Zealand.