Men’s Wearhouse (MW) Raises Bid for Jos. A. Bank Clothiers
Shares of The Menâ s Wearhouse Inc. (MW) were trading up +2.63 in pre-market trading on Monday, after the company announced it would up its bid for Jos. A. Bank Clothiers (JOSB) to $57.50 per share from $55. Menâ s Wearhouse stock closed up +0.19 or +0.38 percent to $50.59 per share on Friday, after Jos.
A. Bank announced it would strengthen its defense to The Menâ s Wearhouse $55 per share takeover offer. The higher bid for Jos. A. Bank is the latest episode in the takeover, which began in October when Jos. A. Bank offered to acquire The Menâ s Wearhouse for $48 per share. With todayâ s offer, The Menâ s Wearhouse is taking the deal directly to Jos. A. Bank stockholders. Jos. A. Bank stock was trading at $57. 43, up +3.02 or +5.55 percent in pre-market trading this morning.
Fremont, California based The Menâ s Wearhouse was founded by George Zimmer in 1973 and is a major retailer of menâ s dress clothes, shoes and accessories. The company operates more than 1,000 stores nationwide, as well as online website and employs more than 15,000 people. The company went public in 1992. Hampstead, Maryland based Joseph A. Bank Clothiers, a direct competitor of Menâ s Wearhouse was established in 1905 and sells clothing and footwear through more than 800 stores in 42 states as well as through catalog sales and their website. The Menâ s Wearhouse offer for Jos. A. Bank is for approximately $1.61 billion, up from a previous $1.54 billion and is the latest episode which began in October, with Jos. A. Bank bidding $2.3 billion or $48 per share for The Menâ s Wearhouse. The offer was rejected with The Menâ s Warehouse counter bid for Jos. A. Bank Clothiers of $1.54 billion or $55 per share that was rebuffed on December 23rd. Jos. A. Bank on Friday reduced the â
Published on Jan 6, 2014
By Jay Hawk