Home / Knowledge / News / Apparel/Garments / FTC waives off Men's Warehouse's HSR Act waiting period
FTC waives off Men's Warehouse's HSR Act waiting period
31
May '14
The Men's Wearhouse announced that the Federal Trade Commission has granted termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, ("HSR Act") applicable to Men's Wearhouse's proposed acquisition of  Jos. A. Bank Clothiers.  
 
As previously announced, Men's Wearhouse and Jos. A. Bank entered into a merger agreement pursuant to which Men's Wearhouse would acquire all of the outstanding shares of common stock of Jos. A. Bank for $65.00 per share in cash, or total consideration of $1.8 billion, pursuant to a cash tender offer.  Together, Men's Wearhouse and Jos. A. Bank will have more than 1,700 stores, with approximately 26,000 employees and sales of $3.5 billion on a pro forma basis. 
 
"We are pleased to have received the termination of the HSR Act waiting period and expect to close the transaction within approximately the next 30 days," said Doug Ewert, President and Chief Executive Officer of Men's Wearhouse.  "Together, Men's Wearhouse and Jos. A. Bank will have increased scale and breadth, and Jos. A. Bank's strong brand and complementary business model will broaden our customer reach.  
 
“Men's Wearhouse shareholders will benefit from approximately $100 to $150 million of run-rate annual synergies realized over three years, through improving purchasing efficiencies, optimizing customer service and marketing practices, and streamlining duplicative corporate functions.  Additionally, Men's Wearhouse's vertical direct sourcing model will be leveraged to improve combined merchandising and sourcing across the combined company and rationalize inventory over time.   We expect the transaction will be accretive to Men's Wearhouse's earnings in the first full year."
 
The termination of the HSR Act waiting period satisfies one of the conditions to consummate the tender offer.  Completion of the tender offer remains subject to certain other conditions as described in the offer to purchase disseminated to stockholders of Jos. A. Bank, including the completion of the marketing period, which commenced today and is expected to end on June 19, 2014, unless earlier waived.  The tender offer is currently scheduled to expire at 5:00 p.m. New York City time, on June 5, 2014, unless extended.
 
BofA Merrill Lynch and J.P. Morgan Securities LLC are serving as financial advisors to Men's Wearhouse, and Willkie Farr & Gallagher LLP is serving as legal advisor.
 

Men's Wearhouse


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

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Marten Alkhagen
Swerea IVF AB

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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