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Wednesday, Oct 9
Jos. A. Bank confirms $2.3B bid for Men's Wearhouse
- Jos. A. Bank Clothiers (JOSB) has confirmed a report that it has made an approach to acquire Men's Wearhouse (MW), with Jos. A. Bank offering $2.3B for its larger rival.
- Jos. A. Bank's bid is worth $48 a share in cash, which represents a 36% premium to Men's Wearhouse's closing price yesterday of $35.24.
- Men's Wearhouse is reviewing the proposal.
- Jos. A. Bank expects to fund any acquisition with its own cash, new equity capital provided by private-equity firm Golden Gate Capital, and debt financing. Goldman Sachs has told Jos. A. Bank that it is very confident that the debt can be obtained in the capital markets. (PR)