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June 18, 2014
12:55 EDTMW, JOSBMen's Wearhouse completes acquisition of Jos. A. Bank
The Men's Wearhouse (MW) announced the successful completion of its acquisition of Jos. A. Bank Clothiers (JOSB). The acquisition was effected through the previously announced all-cash tender offer by Men's Wearhouse's wholly owned subsidiary, Java Corp., to acquire all of the issued and outstanding shares of common stock of Jos. A. Bank for $65.00 net per share in cash, without interest and less any required withholding taxes, and the subsequent merger of Java Corp. with and into Jos. A. Bank pursuant to Section 251(h) of the General Corporation Law of the State of Delaware. Doug Ewert, President and CEO of Men's Wearhouse, said, "Looking forward, our strong balance sheet provides operational flexibility to successfully execute strategic plans at both brands. We continue to expect this acquisition to be accretive to our earnings in the first full year of operations as well as to achieve $100M-$150M of run-rate synergies by the end of FY16." Following the merger, Jos. A. Bank shares will cease to be traded on the NASDAQ Global Market.
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