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Stock Market & Financial Investment News

News Breaks
May 30, 2014
15:00 EDTMW, JOSBMen'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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July 30, 2014
09:06 EDTMWMen's Wearhouse shares recommended at Goldman
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08:34 EDTMWMen's Wearhouse guidance leaves room for upside, says Cowen
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July 29, 2014
12:13 EDTMWOn The Fly: Midday Wrap
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11:54 EDTJOSB, MWMen's Wearhouse sees EPS reaching at least $5.50 by 2017
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11:51 EDTJOSB, MWMen's Wearhouse sees gross margin to improve 150-200 bps through 2017
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11:49 EDTJOSB, MWMen's Wearhouse targeting minimum sales over $3.7B by 2017
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11:17 EDTJOSB, MWMen's Wearhouse says it has 'a lot' of visibility into Jos. A. Bank cost synergy
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11:13 EDTMW, JOSBMen's Wearhouse drops 4% as analyst day meeting continues
06:29 EDTMWMen's Wearhouse announces Q2 to date comparable sales
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July 28, 2014
07:30 EDTMWMen's Wearhouse to host analyst day
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July 23, 2014
10:02 EDTMWOn The Fly: Analyst Initiation Summary
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08:53 EDTMWMen's Wearhouse reinstated with a Buy at Goldman
Target $72.

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