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.
Hanesbrands anticipates being able to potentially lower the costs of Maidenform products for retailers and consumers. Currently Maidenform sources its products from third-party manufacturers. With the acquisition, HanesBrands said Maidenform will now be able to take advantage of HanesBrands' company-owned manufacturing, which is supplemented by third-party manufacturers.
Hanesbrands spokesman Matt Hall said it was too early to say whether there would be layoffs related to the acquisition, but said there is "typically overlap of independent company corporate functions that would be redundant."
AP Writer Michelle Chapman in New York contributed to this report.