Market Overview

Benzinga's M&A Chatter for Monday January 6, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday January 6, 2014

T-Mobile to Acquire 700 MHz A-Block Spectrum from Verizon Wireless for $2.365B in Cash

The Deal:
T-Mobile US (NYSE: TMUS) announced Monday that T-Mobile USA and T-Mobile License, LLC have agreed to purchase certain 700 MHz A-Block spectrum licenses from Verizon Wireless (NYSE: VZ) for $2.365 billion in cash, plus the transfer of certain AWS and PCS spectrum licenses having an aggregate value of approximately $950 million. The transactions are expected to close in mid-2014, subject to approval by the FCC and DOJ.

T-Mobile US closed Monday at $33.48, gaining 3.72%.

Men's Wearhouse Commences $57.50/Share Cash Tender Offer for Jos. A. Bank

The Offer:
The Men's Wearhouse (NYSE: MW) announced Monday that it has commenced a cash tender offer to acquire all outstanding shares of Jos. A. Bank (NASDAQ: JOSB) for $57.50 per share. The full terms and conditions were presented in an 8-K filing. The tender offer is scheduled to expire at 5:00 PM ET on March 28, 2014, unless the offer is extended.

Jos. A. Bank's Board confirmed Men's Wearhouse unsolicited tender offer advised shareholders to take no action until the Board has announced its recommendation.

Eminence Capital, which owns 9.8% of the common stock of Men's Wearhouse issued the following statement from CEO Ricky Sandler: "We are encouraged by the increased bid MW made for JOSB and by its commitment to consummate a combination as demonstrated by its tender offer and nomination of a director slate. We continue to believe that a merger of these two companies is in the best interests of all shareholders."

Men's Wearhouse also announced its intention to nominate two independent director candidates for Jos. A. Bank's Board, John D. Bowlin and Arthur E. Reiner.

Men's Wearhouse closed Monday at $51.68, a gain of 2%, while Jos. A Bank closed at $56.87, gaining 4.5%.

XPO Logistics to Acquire Pacer International in Cash, Stock Transaction Valued at $335M

The Deal:
XPO Logistics (NYSE: XPO) and Pacer International (NASDAQ: PACR) announced Monday an agreement under which XPO Logistics will acquire Pacer for $6.00 in cash and $3.00 of XPO Logistics common stock for each share of Pacer common stock. The deal is valued at $335 million and is expected to close in the Q2 2014.

XPO Logistics closed Monday at $30.37, a gain of 8%. Pacer International closed at $8.99, gaining almost 8%.

Posted-In: News Rumors Management M&A Movers

 

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