Home / Knowledge / News / Apparel/Garments / Men's Wearhouse completes acquisition of Jos A Bank
Men's Wearhouse completes acquisition of Jos A Bank
19
Jun '14
The Men's Wearhouse announced the successful completion of its acquisition of Jos. A. Bank Clothiers, Inc.
 
The acquisition was effected through the previously announced all-cash tender offer by Men's Wearhouse's wholly owned subsidiary, Java Corp., to acquire all of the issued and outstanding shares of common stock (including associated stock purchase rights) of Jos. A. Bank for $65.00 net per share in cash, without interest and less any required withholding taxes, and the subsequent merger of Java Corp. with and into Jos. A. Bank pursuant to Section 251(h) of the General Corporation Law of the State of Delaware.
 
Doug Ewert, President and Chief Executive Officer of Men's Wearhouse, said, "We are thrilled to have closed on the acquisition of Jos. A. Bank and are eager to begin the integration process with their talented employees to create a truly great company for all of our stakeholders.  With more than 1,700 stores, approximately 26,000 employees and sales of $3.5 billion on a pro forma basis, our combined company has increased scale and breadth that broadens our best-in-class offerings for our valued customers and new customers alike. 
 
"Looking forward, our strong balance sheet provides operational flexibility to successfully execute strategic plans at both brands.  We continue to expect this acquisition to be accretive to our earnings in the first full year of operations as well as to achieve $100 million to $150 million of run-rate synergies by the end of fiscal 2016," concluded Ewert.
 
The tender offer expired at midnight New York City time, at the end of the day on June 17, 2014. Approximately 23,610,788 shares of Jos. A. Bank common stock (excluding shares delivered pursuant to guaranteed delivery) were validly tendered in, and not withdrawn from the tender offer, representing approximately 84% of Jos. A. Bank's outstanding shares of common stock and, after taking into account shares delivered pursuant to guaranteed delivery procedures, approximately 94% of Jos. A. Bank's outstanding shares of common stock. 
 
Accordingly, the "Minimum Tender Condition" was satisfied, and Men's Wearhouse accepted for payment, and will promptly pay for, all shares of Jos. A. Bank common stock validly tendered and not withdrawn in the offer.
 
As a result of the merger, each share of common stock of Jos. A. Bank issued and outstanding and not tendered in the tender offer (other than shares held by Jos. A. Bank or the Men's Wearhouse or any of their subsidiaries and shares owned by holders who properly exercised appraisal rights with respect thereto under Delaware law) were converted into the right to receive an amount in cash equal to $65.00, without interest and less any required withholding taxes, the same price that was paid in the tender offer. 
 
Following the merger, Jos. A. Bank shares will cease to be traded on the NASDAQ Global Market. Holders of Jos. A Bank shares who did not surrender their shares in the tender offer will receive a new letter of transmittal to surrender their shares in exchange for the merger consideration.

Men's Wearhouse

Must ReadView All

Courtesy: World Bank/ Harshad Marathe

Apparel/Garments | On 23rd Jul 2016

Rising wages in China to create 1.5 million jobs in S Asia

As wages in China continue to rise, global apparel production and...

Courtesy: 3ders.org

Apparel/Garments | On 23rd Jul 2016

Disney research creates 3D compiler for machine knitting

Introducing 3D technology to machine knitting, Disney Researchers...

Textiles | On 23rd Jul 2016

Telangana to frame new policy for textile industry

The Telangana state government will frame a new policy aimed at...

Interviews View All

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Marcel Alberts
Eurofibers

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

Larry L Kinn
Suominen Corporation

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

Giorgio Mantovani
Corman S.p.A

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

Silvia Venturini Fendi
Fendi s.r.l

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Mike Hoffman
Gildan Activewear SRL

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

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