Bendon merger with Pleasure State started with A$2M deposit, accounts show

Tue, 07 Aug 2012

By Paul McBeth Aug. 8 (BusinessDesk) - Bendon Group, which has the global distribution rights for Elle Macpherson Intimates and Stella McCartney underwear, put up A$2 million to kick off a 2011 merger with Australian rival Pleasure State in a deal that shrank millionaire Eric Watson’s stake in the company. Bendon's Australian unit made the deposit on Pleasure State during the 12 months ended June 30, 2011, before acquiring its rival on Aug. 12, according to the financial report lodged with the Australian Companies Register. The full price p...

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