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The Men's Wearhouse, Inc. Message Board

  • zacklabster zacklabster Nov 26, 2013 9:11 AM Flag

    Didn't see THIS coming, lol.

    Men's Wearhouse Inc. (MW) offered to buy fellow men's clothing retailer Jos. A. Bank Clothiers Inc. (JOSB) for about $1.5 billion , less than two weeks after Jos. A. Bank dropped its bid for its larger rival.
    Men's Wearhouse is offering $55 a share in cash for Jos. A. Bank, an 8.7% premium over the company's Monday close and a 32% premium over its price in October when it bid for Men's Wearhouse .
    "After a thorough review, our board concluded that an acquisition of Jos. A. Bank by Men's Wearhouse has strategic logic and the potential to deliver substantial benefits to our respective shareholders, employees and customers," said Bill Sechrest , lead director of Men's Wearhouse .
    Jos. A. Bank, which is based in Hampstead, Md. , first made an unsolicited $2.3 billion offer for its Houston -based rival in early October, but it was soon rejected. Later in the month, Jos. A. Bank said it would consider raising its bid for Men's Wearhouse if it were able to conduct limited due diligence. Men's Wearhouse again rebuffed the overture, calling Jos. A. Bank's offer of $48 a share too low.
    Earlier this month, Jos. A. Bank withdrew its takeover offer, but left the door open for possible talks in the future.
    In an uncommon tactic during the takeover bid, Jos. A. Bank Chairman Robert Wildrick in October said his company would be receptive to being bought by Men's Wearhouse instead of acquiring its rival.
    The bidding has sent both companies' stocks surging, amid market expectations that a deal could be reached despite Jos. A. Bank's bid falling flat. Hedge fund Eminence Capital LLC , Men's Wearhouse's largest shareholder with a 9.8% stake, has been pushing to company to make a deal. The companies also have significant overlap in shareholders.
    A Jos. A. Bank representative wasn't immediately available for comment.

    This is some funny #$%$!!! Mo' money, mo' money!!

 
MW
54.82-0.13(-0.24%)Aug 27 4:02 PMEDT

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