- Jos. A. Bank Clothiers (JOSB) has agreed to acquire Everest Holdings, the parent company of the Eddie Bauer brand, in a cash-and-stock deal with an enterprise value of $825M.
- The transaction includes a potential earn-out of $50M based on Eddie Bauer's 2014 EBITDA Performance
- The acquisition will complicate the attempt of Men's Warehouse (MW) to buy Jos. A. Bank, although the latter left the door open for such a deal by saying that it can terminate the Eddie Bauer transaction if it receives a buyout offer that can "reasonably be expected to create greater value for Jos. A. Bank's shareholders."
- Jos. A. Bank also plans to acquire up to 4.6M shares for $65 each for a total amount of $300M.
- Jos. A. Bank is buying Eddie Bauer from P-E firm Golden Gate Capital, which is set to become a major shareholder in Jos. A. Bank.
- The retailer's shares are +7.6%, while Men's Wearhouse is -9.7%. (PR)
From other sites
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