Jos. A. Bank Confirms Proposal to Acquire Men's Wearhouse for $48/Share in Cash
In response to inquiries following news reports of discussions with The Men's Wearhouse, Inc. (NYSE: MW) about a possible business combination, Jos. A. Bank Clothiers, Inc. (Nasdaq: JOSB) today 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.
"We are hopeful that Men's Wearhouse's