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

Courtesy: Raymond

Apparel/Garments | On 28th Jun 2017

Raymond plans to invest Rs 1,400 crore in Amravati plant

Raymond, Indian textiles and apparel major, has decided to invest Rs...

Textiles | On 28th Jun 2017

GST and textiles industry: Analysis and opinion

The Goods and Services Tax (GST) is at long last all set to be rolled ...

Textiles | On 28th Jun 2017

India probing dumping of polyester yarn by China

Indian government is probing anti-dumping allegations against a...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kevin Nelson
TissueGen

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Silvia Venturini Fendi
Fendi s.r.l

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

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


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


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