Given that the Jos. A. Bank Board has publicly acknowledged the compelling strategic logic of this transaction, we think Jos. A. Bank shareholders should question why their Board is refusing to negotiate with us to reach an agreement that will deliver to them significant value. Accordingly, we call on the independent directors of Jos. A. Bank to promptly form a Special Committee that will objectively evaluate our offer and sit down with us to begin discussions.
“At Jos. A. Bank's 2014 Annual Meeting, both of Jos. A. Bank's non-independent directors, Robert N. Wildrick, Chairman of the Board, and R. Neal Black, President and Chief Executive Officer, are standing for re-election. Jos. A. Bank shareholders can send a powerful message to their Board of Directors by voting to replace Messrs. Wildrick and Black with the independent candidates that Men's Wearhouse is nominating for election at the upcoming Annual Meeting.
“We remain committed to this transaction and are prepared to immediately engage in good-faith negotiations so we can deliver the compelling value of a combination of our companies to our respective shareholders”.
As previously announced on January 6, 2014, Men's Wearhouse launched a tender offer to acquire all of the outstanding shares of Jos. A. Bank for $57.50 per share in cash, representing 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 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.
Textiles | On 2nd Dec 2016
The currency crisis in India, marked by insufficient supply of new...
Textiles | On 2nd Dec 2016
There is huge potential for increase in nylon consumption said...
Apparel/Garments | On 2nd Dec 2016
Aditya Birla Retail and Fashion Ltd. (ABFRL) is establishing a new...
Dolphin Jingwei Machines
Taxation policies need to be made simpler
‘Indian footwear market is nascent and largely a trend follower’
Hindoostan Innovation Centre
‘Modern technical textile is an indispensable tool for science and...
Swerea IVF AB
Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...
Schlegel und Partner
Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
Bridal couture created with rich Indian heritage, exquisite craftsmanship...
"We should not compare India and the West. There are things we do that...
Hyderabad-based designer Prathyusha Garimella is known for blending...
Apparel/Garments | On 30th Nov 2016