Home / Knowledge / News / Apparel/Garments / Men's Wearhouse offers $57.50/share for Jos A Bank
Men's Wearhouse offers $57.50/share for Jos A Bank
06
Jan '14
The Men's Wearhouse announced that it has commenced a cash tender offer to acquire all outstanding shares of Jos. A. Bank Clothiers, Inc. for $57.50 per share.  The tender offer is scheduled to expire at 5:00 p.m., New York City time on Friday, March 28, 2014, unless the offer is extended. 

Men's Wearhouse also today announced that it will deliver notice to Jos. A. Bank of its intention to nominate two independent director candidates for election to Jos. A. Bank's Board of Directors at its 2014 Annual Meeting.  The nominees are:

John D. Bowlin, a recognized leader in the consumer packaged goods industry, who was previously President and Chief Executive Officer of Miller Brewing Company, and who has held senior executive positions at Kraft Foods North America, Kraft Foods International, Inc., Oscar Mayer Food Corporation and General Foods USA.

Arthur E. Reiner, who has over 40 years of experience in the retail industry and has previously served in various leadership positions with the Macy's organization, including as a Director of R.H. Macy & Co., Inc. and Chairman and Chief Executive Officer of Macy's East, then the largest department store division in the nation.

Doug Ewert, President and Chief Executive Officer of Men's Wearhouse, said, "We believe that our $57.50 per share proposal to acquire Jos. A. Bank is compelling and provides substantial value and immediate liquidity to Jos. A. Bank shareholders.  Although we have made clear our strong preference to work collaboratively with Jos. A. Bank to realize the benefits of this transaction, we are committed to this combination and, accordingly, we are taking our offer directly to shareholders."

Mr. Ewert continued, "The highly-qualified nominees proposed by Men's Wearhouse have proven track records serving on public company boards, and we believe they will act in the best interest of Jos. A. Bank's shareholders by carefully evaluating the compelling and value creating opportunity represented by the Men's Wearhouse offer.  We urge Jos. A. Bank shareholders to tender into our offer in order to send a strong message that Jos. A. Bank should engage in good-faith negotiations immediately so we can complete this value creating transaction."

The Men's Wearhouse offer represents a 52% premium over Jos. A. Bank's unaffected enterprise value and a 38% 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. 

The transaction represents a 9.4x enterprise value to last twelve months ("LTM") Adjusted EBITDA[1] multiple (assuming $135 million of LTM Adjusted EBITDA as of November 2, 2013), a significant premium to Jos. A. Bank's proposal to acquire Men's Wearhouse.

Men's Wearhouse

Must ReadView All

Courtesy: PIB

Textiles | On 30th Jun 2016

Govt to extend MUDRA loans to 5 lakh weavers in 3 years

The ministry of textiles has set a target of extending loans under...

Texprocil chairman RK Dalmia

Textiles | On 30th Jun 2016

Extend spl package to home textiles: Texprocil to govt

Welcoming the special package for the garment sector recently...

Yin Group chairman Yin Zhiyong

Textiles | On 30th Jun 2016

Changyuan acquires textile machinery maker Yin Science

Changyuan Group (also CYG Group) has announced acquisition of textile ...

Interviews View All

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
june 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search