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Men's Wearhouse raises offer for Jos. A. Bank

1 year, 4 months ago from Chicago Tribune

From from Chicago Tribune:

Men's Wearhouse Inc. raised its offer for Jos. A. Bank Clothiers Inc. by more than 10 percent, nearly two weeks after its smaller rival looked to fend off the unsolicited bid by agreeing to acquire Eddie Bauer.

Men's Wearhouse raised its cash tender offer to Jos. A. Bank shareholders to $63.50 per share, from $57.50, and added it could increase the offer to $65.00 if it was able to conduct limited due diligence.

Jos. A. Bank shares rose as much as 13.4 percent to $62.45 in premarket trading, while Men's Wearhouse stock rose as much as 7.7 percent to $48.59.

Men's Wearhouse said the amended offer is conditional on the termination of Jos. A. Bank's agreement to acquire outdoor clothing retailer Eddie Bauer.

Men's Wearhouse also said it had filed a lawsuit in the Delaware Chancery Court alleging that the Jos. A. Bank board breached its fiduciary duties to shareholders by adopting measures to “thwart” Men's Wearhouse's tender offer.

Under the lawsuit, Men's Wearhouse said it seeks to prevent Jos. A. Bank from proceeding with the Eddie Bauer acquisition and wants the Jos. A. Bank board to revoke its poison pill.

Jos. A. Bank was not immediately available for comment.

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