US: Eminence backs Men's Wearhouse revised bid for Jos A Bank
Men's Wearhouse yesterday (25 February) increased its bid for Jos A Bank Clothiers as the battle for takeover between the two retailers continues. The retailer submitted an offer of US$63.50 per share, up from its previous offer of $57.50.
In light of the improved offer, Eminence CEO Ricky Sandler said he was "extremely pleased" Men's Wearhouse had made "a full and fair offer" for Jos A Bank.
"We have maintained all along that the combination of these two great companies is the best outcome for all shareholders. If the board of Jos A Bank properly fulfills its fiduciary duty, we expect it will come to the conclusion that it should accept this offer to merge with Men's Wearhouse."
The offer comes just over a week after Jos A Bank revealed plans to buy outdoor wear brand Eddie Bauer from private equity firm Golden Gate Capital in a deal worth $825m.
Jos A Bank, however, left the door open, saying it could terminate the deal if it receives an acquisition offer that would create "greater value for Jos A Bank's shareholders than the Eddie Bauer transaction and issuer tender offer".
Sandler said the Men's Wearhouse improved offer "clearly represents a superior alternative for Jos A Bank shareholders compared to remaining independent and acquiring Eddie Bauer".
In response to the offer, Jos A Bank has said it will review all aspects of the revised bid and make a recommendation to stockholders in due course.
Men's Wearhouse has closed its acquisition of US men's apparel and footwear business Jos A Bank Clothiers following a long-running battle by the firm to buy its rival....
The Global market review of Workwear which was first published by just-style in 2010 proved to be one of our best selling reports to date. Hardly surprising then, that there has been much anticipation...
US men's apparel and footwear business Jos A Bank Clothiers has said it remains cautious heading into the crucial Father's Day period after suffering a gross margin decline in May and swinging to a lo...
Supply chain and operations specialist Jeff Streader has been named global chief operating officer (COO) of action sports and surfwear brand Billabong....
- Improved supplier capabilities benefit Next
- China and Vietnam lead US apparel imports in July
- THE FLANARANT: Understand win-win or lose out
- Next H1: What the analysts say
- Abercrombie & Fitch to lose logos in fashion focus
- Hanesbrands axes Costa Rican jobs in Vietnam move
- Brandix selects first "game-changing" innovations
- Apparel fuels global manufacturing downturn
- Bagir to invest in Ethiopia as H1 loss deepens
- VF taps Nike exec to lead innovation centres
- Wool in the 21st Century: new prospects for a familiar fibre
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Global market review of denim and jeanswear – forecasts to 2020
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Global Database of the Top 1000 Cut and Sew Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details