(Adds CEO quotes, HanesBrands statement)
SYDNEY, April 28 (Reuters) - Australian underwear and t-shirt maker Pacific Brands Ltd (PBG) said on Thursday it has agreed to an all-cash buyout from U.S. clothing company HanesBrands Inc
, valuing the company at A$1.1 billion ($836 million). Pacific, owner of the Bonds, Jockey, Berlei and Holeproof brands, said its board supported an unsolicited proposal from HanesBrands to buy the company for A$1.15 per share, a 22 percent premium to its A$0.94 closing price on Wednesday.
The proposal follows a turnaround of Pacific Brands over the past two years involving simplifying its product offering. In February, the Melbourne-based company posted its highest interim net profit since 2012.
"HanesBrands has recognised the work done over the past two years that has seen the board and management team ... reshape and simplify the business to focus on our highest quality brands and improve operational performance," Pacific chairman Peter Bush said in a statement to the Australian Securities Exchange.
The U.S. suitor could provide "additional scale, sourcing benefits, financial flexibility and the opportunity to accelerate the growth" of its brands, Bush added.
North Carolina-based HanesBrands said the buyout, its sixth in three years, would add Australia and New Zealand to the countries where it has No.1 or No.2 share of the underwear market.
Century-old Bonds is Australa's biggest selling brand of men's underwear, women's underwear, children's underwear, babywear and socks.
HanesBrands was advised by Goldman Sachs & Co. ($1 = 1.3160 Australian dollars)
