UPDATE 1-Men's Wearhouse target Jos. A. Bank lowers poison pill trigger
Jan 3 (Reuters) - Jos. A. Bank Clothiers Inc has lowered the trigger for its shareholder rights plan to 10 percent from 20 percent, making it tougher for Men's Wearhouse Inc to pursue a bid rejected by the smaller rival.
Men's Wearhouse offered $55.00 per Jos. A. Bank share in November after rejecting an offer from the smaller rival and adopting a poison pill that would be triggered if an outside investor bought 10 percent or more of its stock.
"This is just yet another attempt by Jos. A. Bank to blow off Men's Wearhouse, to make it that much harder for a deal...," Brian Sozzi, chief executive of Belus Capital Advisors, said.
Following Jos. A. Bank's rejection, Men's Wearhouse said it would consider all of options "to make this combination a reality," including nominating director candidates at Jos. A. Bank's next annual shareholders' meeting.
Jos. A. Bank, which had adopted the rights plan in 2007, said on Friday it lowered the trigger to bring it to the same level as that of Men's Wearhouse's plan.
Jos. A. Bank's shares were up slightly at $55.10 in morning trading on the Nasdaq on Friday. Men's Wearhouse shares were up 1 percent at $51.08 on the New York Stock Exchange.
- Exclusive: Malaysia plane probe narrows on mid-air disintegration - source
- Radar showed missing plane may have turned back: Malaysia military
- Missing Malaysian jet may have disintegrated in mid-air: source |
- Malaysian plane presumed crashed; questions over false IDs |
- Merkel raps Putin as Russian forces tighten grip on Crimea |