Home / Knowledge / News / Apparel/Garments / Jos. A. Bank BoD rejects Men's Wearhouse tender offer
Jos. A. Bank BoD rejects Men's Wearhouse tender offer
18
Jan '14
Jos. A. Bank Clothiers, Inc. announced that its Board of Directors (the "Board"), after careful consideration and discussions with its financial and legal advisors, determined that the unsolicited, highly conditional tender offer from The Men's Wearhouse, Inc. to acquire all outstanding common shares of the Company at a price of $57.50 per share in cash (the "Offer") is inadequate from a financial point of view and not in the best interest of Jos. A. Bank's stockholders. Accordingly, the Board recommends that Jos. A. Bank's stockholders reject the Offer and not tender their shares into the Offer.

The reasons for the Board's recommendation are set forth in a Schedule 14D-9 being filed by the Company with the Securities and Exchange Commission ("SEC"), which is also being disseminated to stockholders.

Robert N. Wildrick, Chairman of Jos. A. Bank, said, "Our Board of Directors firmly believes that the Men's Wearhouse offer is inadequate and significantly undervalues Jos. A. Bank and its near- and long-term potential."

He continued, "Our Board and the Company's management team are committed to acting in the best interests of all of our stockholders, and continuing to deliver value for them. For well over a decade, Jos. A. Bank has been among the leaders in the industry in driving exceptionally strong revenue and net income growth. At this time, the Company has a well-developed strategy in place to continue to increase revenue, substantially improve margins and deliver enhanced returns to stockholders. The Jos. A. Bank Board strongly urges stockholders to reject the Offer and not tender their shares."

In reaching the conclusions and in making the recommendation described above, the Board considered numerous factors, including but not limited to the following:

The Offer significantly undervalues Jos. A. Bank, and its future prospects. The Board has determined that the Offer does not reflect the value inherent in the Company's future prospects and its track record in creating stockholder value. The Board is confident that the Company's stand-alone plan will deliver greater value to its stockholders than would be obtained under the Offer.

The Company has received an inadequacy opinion from its financial advisor. Goldman, Sachs & Co. ("Goldman Sachs"), financial advisor to the Company, rendered an opinion to the Board that as of January 17, 2014, and based upon and subject to the factors and assumptions set forth in the written opinion, the consideration proposed to be paid to the holders (other than the Offeror and any of its affiliates) of the Company's shares pursuant to the offer was inadequate from a financial point of view to such holders.

Click here to read more

Jos. A. Bank Clothiers

Must ReadView All

Textiles | On 18th Jan 2017

China lays out plan to boost foreign investment

The Government of China has outlined measures to boost foreign...

Prime Minister Theresa May speaking on the UK government's negotiating objectives for exiting the EU. Courtesy: UK government

Textiles | On 18th Jan 2017

UK to pursue trade agreements with other countries

The United Kingdom will pursue free trade agreements with the EU and...

Courtesy: IMF

Textiles | On 18th Jan 2017

Risks to global growth outlook skewed to downside: IMF

Risks to the global growth outlook are two sided but are assessed to...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Binoy Ravjani
Hero's Fashion

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

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Giorgio Mantovani
Corman S.p.A

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

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search