US: Jos A Bank Clothiers to review Men's Wearhouse offer
Retailer The Men's Wearhouse yesterday (6 January) submitted a higher offer to acquire all outstanding shares of Jos A Bank. It offered to acquire the company for $57.50 per share, bettering its November offer of $55.
In a statement following the bid, Jos A Bank said that, consistent with its fiduciary duties, it will "carefully review" all aspects of the offer in consultation with its financial and legal advisors. It is expected to make a recommendation to shareholders on or before 17 January.
"The company's stockholders are advised to take no action on the tender offer until the company's board of directors has announced its recommendation to stockholders. The date for the company's 2014 annual meeting of shareholders has not yet been announced and shareholders are not required to take any action at this time with respect to the Men's Wearhouse nominees or otherwise."
Yesterday's hostile bid comes just days after the smaller rival upped its buyout defenses and is the latest move in a long-running battle between the two retailers.
- Why China 5-year plan won't change garment-making
- Navigating a turbulent sourcing landscape
- Supply chains under pressure as Black Friday looms
- ‘Fixing Fashion’ one stitch at a time
- C&A building brand loyalty through consistent fit
- US Q3 in brief: Burlington Stores, Guess, Chico's
- Adidas has greenest textile supply chain in China
- Global clothing and footwear trade to drop by 1.5%
- Cambodia living wage campaign kicks off
- New Balance launches first 3D printed running shoe
- Wearable technology: The future market potential for smart garments and e-textiles
- Practical Brand Sourcing Strategy
- Statistics: Trends in Global and Regional Man-made Fibre Production - 2015
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Technical Textile Markets: Product Developments and Innovations - 2nd Quarter 2015