Men’s Wearhouse makes $1.2 billion offer for Jos. A. Bank – Baltimore Citybizlist

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The Men’s Wearhouse announced that it has proposed to acquire all of the outstanding shares of Jos. A. Bank Clothiers common stock for $55  per share in cash, representing an implied enterprise value of approximately$1.2 billion.

Jos. A. Bank had earlier made an offer for Men’s Warehouse. Bank is about half the size of Men’s Wearhouse. Both companies have stores in Delaware.

The Men’s Wearhouse proposal represents a 45% premium over Jos. A. Bank’s unaffected enterprise value and a 32% premium over Jos. A. Bank’s closing share price on October 8, 2013, the day prior to the public announcement of Jos. A. Bank’s proposal to acquire Men’s Wearhouse.

The move was expected in some quarters as investors had accumulated stock in both companies and would like to see a deal in an industry still struggling with a decline in sales of suits.

via Men’s Wearhouse Proposes To Acquire Jos. A. Bank For $1.2 Billion | Baltimore Citybizlist.

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