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Stock Market & Financial Investment News

News Breaks
May 30, 2014
15:00 EDTJOSB, MWMen's Wearhouse announces termination of HSR Act waiting period
The Men's Wearhouse (MW) announced that the Federal Trade Commission has granted termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable to Men's Wearhouse's proposed acquisition of Jos. A. Bank Clothiers (JOSB). As previously announced, Men's Wearhouse and Jos. A. Bank entered into a merger agreement pursuant to which Men's Wearhouse would acquire all of the outstanding shares of common stock of Jos. A. Bank for $65.00 per share in cash, or total consideration of $1.8B, pursuant to a cash tender offer. Together, Men's Wearhouse and Jos. A. Bank will have more than 1,700 stores, with approximately 26,000 employees and sales of $3.5B on a pro forma basis. "We are pleased to have received the termination of the HSR Act waiting period and expect to close the transaction within approximately the next 30 days," said Doug Ewert, President and CEO of Men's Wearhouse. "Together, Men's Wearhouse and Jos. A. Bank will have increased scale and breadth, and Jos. A. Bank's strong brand and complementary business model will broaden our customer reach. Men's Wearhouse shareholders will benefit from approximately $100 to $150 million of run-rate annual synergies realized over three years, through improving purchasing efficiencies, optimizing customer service and marketing practices, and streamlining duplicative corporate functions. Additionally, Men's Wearhouse's vertical direct sourcing model will be leveraged to improve combined merchandising and sourcing across the combined company and rationalize inventory over time. We expect the transaction will be accretive to Men's Wearhouse's earnings in the first full year."
News For MW;JOSB From The Last 14 Days
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August 20, 2015
09:00 EDTMWMen's Wearhouse selloff a buying opportunity, says Jefferies
Jefferies analyst Edward Plank views the recent selloff in shares of Men's Wearhouse as a buying opportunity. Much of the back-end integration risk from Jos. A. Bank has now passed, and margin improvement should follow, Plank tells investors in a research note. The analyst's FY18 bull case suggests a price target of $100, or 75% upside from current levels, versus a bear case of $47, or 20% downside. He keeps a Buy rating on Men's Wearhouse with a $67 price target.

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