Men's Wearhouse Adopts New Look as Hunter Instead of Target
Craig Warga/Bloomberg via Getty Images
Apparel retailer Men's Wearhouse mounted a hostile bid for rival Jos. A. Bank Clothiers with a raised offer, days after the smaller rival upped its buyout defenses.

Men's Wearhouse (MW) said it offered to acquire all outstanding shares of Jos. A. Bank (JOSB) a share for $57.50 a share, higher than its November offer of $55.

The tender offer, the latest move in a long battle between the two retailers intent on playing the lead role in creating a combined entity, expires on March 28.

Men's Wearhouse also said it intended to nominate two independent directors to Jos. A. Bank's board.

"Although we have made clear our strong preference to work collaboratively with Jos. A. Bank to realize the benefits of this transaction,
we are committed to this combination and, accordingly, we are taking our offer directly to shareholders," Men's Wearhouse Chief Executive Doug Ewert said in a statement.

Jos. A. Bank lowered the trigger for its shareholder rights plan Friday to 10 percent from 20 percent, making it tougher for Men's Wearhouse to pursue a bid.

Men's Wearhouse, which is under pressure from activist shareholders to merge, said on Monday it would nominate John Bowlin, former chief executive of Miller Brewing Co, and Arthur Reiner, a former executive of Macy's (M), to Jos. A. Bank's board.

Men's Wearhouse rejected in November an offer from the smaller rival and adopted a poison pill.

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franksroom

Another hostile bid in good old American capitalism. Due to come out way ahead... CEOs, Senior Executives....Majority Stock Holders... and Lawyers. Due to get screwed.... minority stockholders...employees....and the public in general. And so it goes.

January 06 2014 at 11:43 AM Report abuse +1 rate up rate down Reply
Al Gray

I stopped shopping at Jos. Banks when traveler slacks priced well under $100, but worth about $50, MORE THAN DOUBLED IN PRICE..............and then were offered as TWO FOR ONE at a later date.

How could any business survive if they advertised BUY ONE, GET TWO FREE?

Answer? The first one must be way overpriced and cover the cost of giving the other two away "free."

January 06 2014 at 11:37 AM Report abuse rate up rate down Reply
kpamesa

Can't for the life of me begin to understand the idiocy being perpetrated by a few knuckle-heads from "mens wearhouse" and their obsession with jos.a.bank....hoping that the jos.a.bank shareholders figure out how to stop this nonsense before it gets any more ridiculous.

January 06 2014 at 11:26 AM Report abuse +1 rate up rate down Reply
jimmy_branch

More Wall Street fraud and stock manipulation.

Both companies are junk and their stocks were plummeting when the jumped on the phony buyout game and the stocks jumped so now the game continues over and over and over.

SEC should freeze company stock when phony offers are being made solely to pump the worthless stocks.

Guess how one company would fund buying the other if it actually happened?

Answer: with the ill gotten proceeds from pumping the worthless stock on lies; however there will be no sale as long as both stocks keep going up on the media hype and lies.

So sad Americans out of work - no unemployment - illegals taking jobs and getting drivers licenses - marijuana destroying lives and increasing crime - communist insurance laws - benefits for the immoral lifestyle of the gays - all brought to by Obama...

January 06 2014 at 10:14 AM Report abuse +2 rate up rate down Reply
rwitt77721

who cares

January 06 2014 at 10:01 AM Report abuse +2 rate up rate down Reply