Home / Knowledge / News / Apparel/Garments / Men's Wearhouse switches side, pursues Jos. A. Bank
Men's Wearhouse switches side, pursues Jos. A. Bank
Nov '13
In a new twist to the Men’s Wearhouse-Jos. A. Bank Clothiers take-over saga, the hunter, Jos. A. Bank Clothiers (JoS), has now become the ‘hunted’ with Men’s Wearhouse offering approximately USD 1.2 billion as a counter to JoS’ hostile bid.

Just over a week ago, Hampstead, Maryland-based Jos. A. Bank had dropped its USD 2.3 billion takeover bid after it failed to tempt Men’s Wearhouse into merger negotiations.

Houston-based Men’s Wearhouse has now proposed to acquire all of the outstanding shares of Jos. A. Bank common stock for USD 55 per share in cash, representing a 45 per cent premium over Jos. A. Bank's unaffected enterprise value and a 32 per cent premium over Jos. A. Bank's closing share price on October 8, 2013, the day prior to the public announcement of Jos. A. Bank's proposal to acquire Men's Wearhouse.

As per Men’s Wearhouse’s media release, the transaction represents a 9.1x enterprise value to last twelve months Adjusted EBITDA multiple, a significant premium to Jos. A. Bank's proposal to acquire Men's Wearhouse.  Men's Wearhouse intends to finance the transaction with a combination of balance sheet cash and debt financing.

The counter-bid from Men’s Wearhouse is recognition of the fact that two companies are interested in merger. The only question is whose acquisition proposal is better and more importantly, which management team should be in charge of the merged entity.

Commenting on the bid, Bill Sechrest, Lead Director of the Board of Men's Wearhouse said, “We believe we are the right acquiror for this combination and that our experienced management team is best positioned to execute the integration of our companies and achieve the synergies that would result.  We are ready to engage with the Jos. A. Bank's Board immediately." 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 22nd Jul 2017

Govt constitutes GST Feedback and Action Room

The Government of India has constituted a Feedback and Action Room...

Textiles | On 22nd Jul 2017

India’s cotton textile exports fell in FY17: Tamta

The overall export of cotton textiles from India declined in 2016-17...

Textiles | On 22nd Jul 2017

Stella McCartney, Bolt Threads partner for eco fashion

Fashion designer Stella McCartney has partnered with Bolt Threads for ...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Abhishek Samdaria

GST will certainly reduce a lot of paperwork in future

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Rupa Sood and Sharan Apparao

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Planning to Take the Leap towards

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search