Jos A Bank drops 23B bid for Mens Wearhouse as selfimposed deadline

by The Associated Press Posted Nov 15, 2013 5:26 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Jos A Bank drops $2.3B bid for Men’s Wearhouse as self-imposed deadline for talks passes HAMPSTEAD, Md. – Jos. A. Bank withdrew its $2.3 billion offer to buy rival Men’s Wearhouse.Jos. A. Bank made an unsolicited offer of $48 per share for Men’s Wearhouse Inc. in September. Men’s Wearhouse rejected the bid in October, calling it “opportunistic” and “inadequate.”In late October, Jos. A. Bank Clothiers Inc. announced that it would terminate its bid by Nov. 14 if there continued to be no discussions on the proposal. The company says it still believes that a deal could be in the best interest of both companies’ shareholders.An email was sent and a voicemail left seeking comment from Men’s Wearhouse.Jos. A. Bank had previously said it would be open to raising its offer if allowed to assess whether an increased bid is justified. But Men’s Wearhouse wouldn’t give the company access to nonpublic information.On Friday Jos. A. Bank said that if the board of Men’s Wearhouse decides in the future that it wants to discuss a potential acquisition, or if circumstances otherwise change, that it may consider whether a new bid for its rival is warranted. Jos. A. Bank is moving forward with considering other strategic options that it has been investigating.Eminence Capital LLC, Men’s Wearhouse’s biggest stockholder, said in a statement that it was disappointed that the company has yet to have acquisition-related talks with Jos. A. Bank. Eminence said that it made a filing with the Securities and Exchange Commission to potentially call a special meeting of Men’s Wearhouse shareholders to vote on some bylaw amendments. Eminence Capital said that if the amendments are approved it would allow stockholders to remove Men’s Wearhouse board members without cause before the next annual shareholders meeting.Jos. A. Bank said in a statement that “this is a matter between the Men’s Wearhouse board and its shareholders.”Jos. A. Bank sells men’s tailored and casual clothing, sportswear and footwear. While it targets a more established male professional, it’s known for generous promotions like buying one suit or sport coat and getting three for free.Men’s Wearhouse sells men’s sportswear and suits through its namesake chain of stores, as well as the Moores and K&G retail chains. Recently, the Houston company has been going after younger shoppers with suits featuring slimmer silhouettes. It’s also trying to raise the average ticket price and announced in July that it’s buying the upscale Joseph Abboud brand for about $97.5 million in cash.Shares of Men’s Wearhouse gained 32 cents to $46.44 in morning trading Friday, while Jos. A. Bank’s stock added 36 cents to $50.67. read more

Mens Basketball Ohio State holds off Iowas secondhalf rally to win 9281

Ohio State redshirt junior forward Keita Bates-Diop scores a layup against Miami on Dec. 30, 2017. Credit: Jacob Myers | Managing Editor for ContentBacked by double-digit point totals from all five starters, Ohio State (12-4, 3-0 Big Ten) held off a second-half comeback effort from Iowa (9-8, 0-4 Big Ten) to beat the Hawkeyes 92-81 and maintain an undefeated Big Ten record in its return to its conference schedule Thursday in Iowa City, Iowa.The Buckeyes were led by redshirt junior forward Keita Bates-Diop, who led all players with 27 points and 13 rebounds. Redshirt senior guard Kam Williams, senior forward Jae’Sean Tate and redshirt junior guard C.J. Jackson finished with 13, 18 and 12 points, respectively. Freshman center Kaleb Wesson had 10 points before fouling out with 40 seconds left in the game.The Hawkeyes also received double-digit point totals from forwards Luka Garza (15), Tyler Cook (21) and Nicholas Baer (10), as well as sophomore guard Jordan Bohannon (15).Iowa came out of halftime on a hot streak, scoring nine unanswered points before Tate knocked down a layup with 16:44 left to end the Buckeyes’ scoring drought. After a jumper by Iowa redshirt sophomore guard Isaiah Moss, Bates-Diop scored eight straight points and another make by Williams pushed Ohio State up 58-43.The Buckeyes fell behind early 12-9 with 16:02 left in the first half, but a 16-1 run fueled by five points from Bates-Diop pushed Ohio State out to a 25-13 lead. Ohio State shot 54 percent from the field and 37 percent from 3-point range compared to 43 percent from the field and 41 percent beyond the arc from the Hawkeyes. Despite being outrebounded 39-38 by Iowa, Ohio State outscored Iowa in the paint 42-26. Up NextOhio State returns to Columbus Sunday to host No. 1 Michigan State (14-1, 2-0 Big Ten) at 4:30 p.m. in the Schottenstein Center. The last time the two teams squared off in Columbus on Jan. 15, the Buckeyes upset the Spartans 72-67. read more