FOH Holdings Inc., the parent company of Frederick’s of Hollywood, struck a reverse merger deal Tuesday that allows the lingerie retailer to become a publicly traded company while bypassing a public offering.

FOH will merge with New York-based Movie Star Inc., which supplies women’s sleepwear, robes and underwear to Federated Department Stores Inc., Wal-Mart Stores Inc. and other retailers.

Under the deal, Frederick’s shareholders will get 23.7 million shares of newly issued Movie Star stock, worth about $30.6 million, based on Monday’s closing price of $1.29. Frederick’s will then own 60 percent of the combined company to be named Frederick’s of Hollywood Group.

The new company will trade under Movie Star’s symbol of MSI on the American Stock Exchange, but both companies will remain separate operating entities. The new parent will seek to refinance both companies’ existing bank facilities and Frederick’s debt on more favorable terms, while adding 50 Frederick’s stores over the next three years.

Frederick’s declared bankruptcy in 2001, but emerged two years later after cost cutting measures and Internet sales began to take hold. Frederick’s was founded by Frederick Mellinger in 1946. It pioneered black lingerie as well as push-up and padded bras. Recently it has sold more mainstream fare in an attempt to widen its appeal.