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Men's Wearhouse buys Jos A Bank for 1.8B

Published March 11, 2014 10:43 am

This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

New York • It's time to suit up: Men's Wearhouse is buying Jos. A. Bank for $1.8 billion.

Men's Wearhouse Inc. will pay $65 per share, a 5 percent premium to Jos. A. Bank Clothiers Inc.'s closing price Monday of $61.83.

The agreement ends a months-long back and forth that began in October when Jos. A. Bank offered to buy its larger rival for $2.3 billion. Men's Wearhouse scoffed at that offer, and turned the tables, offering to buy its rival for $1.54 billion.

By early March Men's Wearhouse had an offer of $63.50 per share on the table but said it may raise the bid to $65 per share if some conditions were met.

The combined company will be the fourth-biggest U.S. men's clothing retailer with more than 1,700 U.S. stores and about $3.5 billion in sales.

The transaction is expected to close by the third quarter.