Jan 13 Men's Wearhouse Inc's largest
shareholder, Eminence Capital LLC, plans to support the
retailer's $1.61 billion offer for rival Jos. A. Bank Clothiers
Inc, the Wall Street Journal reported, quoting people
familiar with the matter.
Eminence's Chief Executive Ricky Sandler wrote in a letter
to be sent to Jos. A. Bank's board on Monday that the company
"will not be able to deliver comparable value to shareholders
through any other strategic transaction or action", the
newspaper said. ()
Jos. A. Bank, a century-old retailer of men's tailored and
casual clothing, offered $2.3 billion for Men's Wearhouse last
year that was swiftly rebuffed by its larger rival. Weeks later,
Men's Wearhouse struck back with a bid to acquire Jos. A. Bank.
Last week, Men's Wearhouse mounted a hostile $1.61 billion
bid for Jos. A. Bank in an attempt to break the resistance of
its smaller rival. It offered $57.50 per share, after Jos. A.
Bank rejected its earlier $55 per share offer.
Earlier this month, the New York-based Eminence Capital,
which owns about 10 percent of Men's Wearhouse and about 5
percent in Jos. A. Bank, said it supported a merger of the two
The letter also urges Jos. A. Bank to negotiate with Men's
Wearhouse, and opposes any acquisition by Jos. A. Bank, the Wall
Street Journal said.
Eminence, Jos. A. Bank and Men's Wearhouse were not
immediately available for comment outside regular U.S. business