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.
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