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Jos. A. Bank Clothiers Inc Confirms Proposal To Acquire Men's Wearhouse Inc For $48 Per Share In Cash


Wednesday, 9 Oct 2013 03:59am EDT 

Jos. A. Bank Clothiers Inc confirmed that it has made a non-binding proposal to acquire all of the outstanding shares of Men's Wearhouse for $48 per share in cash, representing a total equity value of approximately $2.3 billion, in a negotiated transaction. The proposal represents an approximate 42% premium to the closing price of Men's Wearhouse common stock on September 17, 2013, the day before Jos. A. Bank made the proposal to Men's Wearhouse in a telephone call and follow-up letter, which is below, from Robert N. Wildrick, Chairman of the Board of Jos. A. Bank, to Douglas S. Ewert, Chief Executive Officer of Men's Wearhouse. Men's Wearhouse has advised Jos. A. Bank that it is reviewing the proposal. The transaction is expected to be funded by a combination of cash on Jos. A. Bank's balance sheet, new equity capital and debt financing. The new equity will be provided by Golden Gate Capital, a private equity firm. Goldman, Sachs & Co. has informed Jos. A. Bank that, subject to customary terms and conditions, it is confident that the debt financing can be obtained in the capital markets. Goldman, Sachs & Co. and Financo, LLC are serving as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP and Guilfoil Petzall & Shoemake, L.L.C. are serving as legal advisors to Jos. A. Bank. 

Company Quote

57.44
-0.14 -0.24%
21 Jul 2014