News: PBG Pacific Brands updates on acquisition proposal from Hanesbrands

April 28 (Reuters) - Pacific Brands Ltd (PBG) :

• Acquisition proposal from Hanesbrands (PBG)
• Says Pacific Brands board unanimously recommends acquisition proposal from

  Hanesbrands

• Entered into scheme implementation deed with Hanesbrands to acquire 100% of

  Pacific Brands shares for A$1.15 per share in cash

• Expected that Pacific Brands shareholders will have the opportunity to vote

  on scheme at a scheme meeting to be held in late June 2016

• Hanesbrands indicated that they consider tontine and dunlop flooring (tdf)

  businesses as having limited strategic fit to them

• Hanesbrands indicated that it is their current intention to divest tdf as a

  going concern post completion

• Expect the transaction will have limited impact on Pacific Brands continuing

  operations and employees