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Stock Market & Financial Investment News

News Breaks
February 14, 2014
06:02 EDTJOSBJos. A. Bank to acquire Everest Holdings, parent of Eddie Bauer, for $825M
Jos. A. Bank and Golden Gate Capital announced that Jos. A. Bank has entered into a definitive agreement with Everest Topco, a portfolio company of Golden Gate, under which Jos. A. Bank will acquire Everest Holdings, parent company of the Eddie Bauer brand. The company also announced that it will promptly commence an issuer tender offer to acquire up to 4.6 million of its common shares, or 16.4% of its outstanding shares, at a price of $65 per share, or an aggregate of up to $300 million. The issuer tender offer is conditioned on, and would close promptly following completion of, the Eddie Bauer acquisition. The purchase price for Eddie Bauer consists of a combination of $564M in cash and approximately 4.7 million new shares of common stock of Jos. A. Bank, issued to Everest Topco at $56 per share, a premium to the pre-announcement share price. Everest Topco will also have the right to earn up to an additional $50M in cash based on Eddie Bauer's EBITDA for fiscal 2014. The purchase price represents a multiple of approximately 1x 2013E revenue and 9.5x 2013E Adjusted EBITDA, including $25 million of potential pro forma synergies. Under the terms of the Agreement, Jos. A. Bank will have the right to terminate its agreement to acquire Eddie Bauer in the event an unsolicited offer is made to acquire Jos. A. Bank that the Company's Board determines would reasonably be expected to create greater value for Jos. A. Bank's shareholders than the Eddie Bauer transaction and issuer tender offer.
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April 10, 2014
07:38 EDTJOSBMen's Wearhouse extends expiration date of Jos. A. Bank offer to April 23
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