Men’s Wearhouse increases its offer for Jos. A. Bank
Men's Wearhouse Inc scaled up a hostile $1.61 billion bid for Jos. A. Bank Clothiers Inc in an effort to break the opposition of its smaller rival and pacify investors hungry for a merger of the suit retailers.
On Monday, Men's Wearhouse Inc. revealed that it is offering $57.50 per share for Jos. A. Bank, which is an increase from its previous offer of $55 per share, or $1.54 billion. Jos. A. Bank rejected the earlier offer in late December, stating that it was too low.
It mentioned that its tender offer expires on March 28 if not extended. A representative for Jos. A. Bank was not immediately available for comment. However the analysts said the bid, at a 6 percent premium to Jos. A. Bank's closing price on Friday, was likely to nudge the two companies closer to the creation of a combined chain selling suits and renting tuxedos from 1,700 stores in North America.
Men's Wearhouse shares rose nearly 3 percent.
Men's Wearhouse also said it plans to nominate two independent director candidates at Jos. A. Bank's 2014 annual meeting. Its nominees include John Bowlin and Arthur Reiner former Miller Brewing Co. President and CEO, who earlier served as chairman and CEO of Macy's Inc.'s East division.
Jos. A. Bank's Nasdaq-traded stock, which has risen more than 35 percent since the takeover saga began, was up 4.3 percent at $56.75.
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