The Men’s Wearhouse (MW), announced on Tuesday, that it has offered to purchase Jos. A. Bank’s (JOSB) outstanding shares for $55 a piece.
The offer comes after Jos. A. Bank offered to acquire Men’s Wearhouse on Oct. 8, 2013. Men’s Wearhouse’s offer of $55 a piece for JOSB shares would have the company acquiring Jos. A. Bank for $1.2 billion. Men’s Wearhouse plans to finance the transaction with cash and debt financing. If Jos. A Bank accepts the offer, Men’s Wearhouse says that the retailer’s stores wouldn’t have to undergo a remodel and that there would be no change to the stores’ names, reports Yahoo.
“We believe we are the right acquirer for this combination and that our experienced management team is best positioned to execute the integration of our companies and achieve the synergies that would result,” William Sechrest, lead director of the board of Men’s Wearhouse, told The New York Times. “We are ready to engage with the Jos. A. Bank’s board immediately.”