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Article: Movie Star sued by two companies over acquisition. (Sanmark-Stardust Inc's acquisition of Movie Star Inc.; WLB Acquisition Corp., WLB Holding Corp.)
- Article from:
- WWD
- Article date:
- December 17, 1987
CopyrightCOPYRIGHT 1987 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MOVIE STAR SUED BY TWO COMPANIES OVER ACQUISITION
Two companies have filed suit in state supreme court against Movie Star, Inc., its former principal shareholders and Sanmark-Stardust, Inc., challenging Sanmark's recent acquisition of about 65 percent of Movie Star.
The action was initiated by WLB Acquisition Corp. and its parent, WLB Holding Corp., which contend that the deal between Sanmark and Movie Star breached a merger agreement between Movie Star and the plaintiffs.
WLB Holding and WLB Acquisition maintain in court papers that they entered into a merger agreement with Movie Star, a lingerie and loungewear manufacturer, on Sept. 16. The ...