Tuesday, March 11, 2014

A bid of $1.8 billion suits Jos A Bank just fine

People pass by a Men's Wearhouse store in New York in this file photo takenJune 25, 2013.  Men's Wearhouse Inc raised its offer for Jos. A. Bank Clothiers Inc by over 10 percent, nearly two weeks after its smaller rival looked to fend off the unsolicited bid by agreeing to acquire Eddie Bauer.  REUTERS/Brendan McDermid/Files  (UNITED STATES - Tags: BUSINESS TEXTILE LOGO) Photo: Brendan Mcdermid, Reuters

NEW YORK (AP) — Looks like the best suitor won.

After an extended chase that included overtures on both sides and flirtations with other parties, Men's Wearhouse and Jos. A. Bank will combine to create the nation's fourth-largest menswear retail chain.

Men's Wearhouse Inc. said Tuesday that it's buying its rival Jos. A. Bank Clothiers Inc. for $1.8 billion. The company will pay $65 a share, a 5 percent premium to Jos. A. Bank's Monday closing price of $61.83. Jos. A. Bank also said it's terminating its deal to acquire the parent company of Eddie Bauer, which sells rugged outerwear.


No comments:

Post a Comment