Men's Wearhouse will acquire these common shares under its $200 million share repurchase authorization announced on March 13, 2013.
At the inception of the accelerated share repurchase program, Men's Wearhouse will receive approximately 2,197,000 common shares, which is approximately 85% of the number of shares expected to be repurchased in connection with this transaction.
The specific final number of shares to be repurchased will generally be based on the volume-weighted average share price of the Company's shares during the calculation period of the accelerated share repurchase program.
The accelerated share repurchase program is expected to be completed not later than the fourth quarter of 2013. All shares repurchased under the accelerated share repurchase program will be retired. The Company expects to finance this accelerated share repurchase program with cash on hand and/or proceeds from its existing credit facility.
Doug Ewert, President and Chief Executive Officer at Men's Wearhouse, stated, "This accelerated share repurchase demonstrates our commitment to delivering increased value to shareholders while continuing to invest in the important opportunities that will drive our long-term growth, as reinforced by last week's definitive agreement to acquire the exclusive American clothing brand, Joseph Abboud.
"We believe that the combination of this accelerated share repurchase, the reuniting of Joseph Abboud with his iconic brand, and our ongoing process evaluating alternatives for K&G, are significant 2013 strategic actions that better position us for growth and will unlock significant value for our shareholders," concluded Ewert.
About Men's Wearhouse
Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,141 stores. The Men's Wearhouse, Moores and K&G stores carry a full selection of suits, sport coats, furnishings and accessories in exclusive and non-exclusive merchandise brands and Men's Wearhouse and Tux stores carry a limited selection. Most K&G stores carry a full selection of women's apparel.
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