by Karl Utermohlen | March 11, 2014 1:50 pm
Men’s Wearhouse (MW) agreed to buy rival Jos. A. Bank Clothiers (JOSB) on Tuesday.
The deal was finally completed after much deliberation over the weekend which values Jos. A. Bank at $1.8 billion. Men’s Wearhouse will pay $65 a share in cash for the affordable menswear retailer.
The combined company is expected to be the fourth-largest men’s apparel retailer in the United States. The new Men’s Wearhouse is expected to generate annual revenue of about $3.5 billion.
Jos. A. Bank attempted to acquire Men’s Wearhouse in October for $48 a share — or $2.3 billion — but Men’s Wearhouse rejected the bid.
MW stock is up a whopping 5.8% Tuesday. JOSB stock is up about 4.03%.
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