Men's Wearhouse's Proposal Provides Jos. A. Bank's Shareholders with Substantial Premium and Immediate Liquidity
Combination Would Create the Premier Men's Apparel Retailer with Enhanced Scale and a Broadened Customer Reach
The Men's Wearhouse (NYSE: MW) today announced that it has proposed to acquire all of the outstanding shares of Jos. A. Bank Clothiers (Nasdaq: JOSB) common stock for $55.00 per share in cash, representing an implied enterprise value of approximately $1.2 billion.
The Men's Wearhouse proposal represents a 45% premium over Jos. A. Bank's unaffected enterprise value and a 32% premium over Jos. A. Bank's closing share price on October 8, 2013, the day prior to the public announcement of Jos. A. Bank's proposal to acquire Men's Wearhouse. The transaction represents a 9.1x enterprise value to last twelve months ("LTM") Adjusted EBITDA multiple (assuming $133 million of LTM Adjusted EBITDA as of August 3, 2013), a significant premium to Jos. A. Bank's proposal to acquire Men's Wearhouse. Men's Wearhouse intends to finance the transaction with a combination of balance sheet cash and debt financing.
Findings stress importance of National Suit Drive charitable effort in July
Men’s Wearhouse (NYSE: MW) announced the findings of a nationwide survey that reveals how a single suit can transform a man’s life, making him feel more attractive, confident, and successful in professional situations as well social ones. The survey also reveals that men wearing suits find that people are nicer to them, more complimentary, more likely to take them seriously, and even more trusting.
Company aims to collect 110,000 professional clothing items for Americans re-entering the workforce
This July, Men’s Wearhouse will host its fifth annual National Suit Drive to give unemployed men a chance to look their best as they re-enter the workforce. Each year, National Suit Drive, the nation’s largest collection of gently used business attire for men, encourages Americans to transform their unwanted businesswear into a fresh start for millions of disadvantaged workers still facing joblessness.
Brand challenges the perception of a suit, embracing modern-fit, reaching a younger demographic
In a new advertising campaign rolling out nationally this week, Men's Wearhouse challenges the notion of the traditional suit in corporate America and what it means to the modern man. The brand is tapping into a growing trend among younger men who, regardless of professional status or industry, are starting to take more pride in their appearance and incorporating suit elements into their style for every occasion — from a Tuesday morning meeting to a Friday night drink. The result is a new national TV and online campaign encouraging men to "Suit Yourself" by offering fashion tips, brand-name attire, and modern-fit tailoring to help them express their individual style.
A wedding frenzy has taken the world by storm in 2011. From the royal wedding of the century in England to almost equally lavish celebrity weddings across the U.S., couples this year have been seeking to craft their own fairytale wedding despite a lingering recession. No matter how big or small a couple's fantasy, Men's Wearhouse, the nation's leader in wedding and formalwear, is here to help fashion the big day of their dreams.
During the entire month of August, Men's Wearhouse will hold its annual National Suit Drive, the country's largest collection of gently used professional attire. This will be the fourth year that the company will devote an entire thirty-day period to encouraging patrons to transform their unwanted business-wear into a second chance for the millions of disadvantaged Americans facing joblessness.
Men's Wearhouse proudly announces the grand opening of its newest San Francisco location downtown in the historic Humbolt Bank Building at 785 Market Street.
This Father's Day, nearly four out of ten men say they would give up watching sports for an entire year in exchange for a better wardrobe, according to the Men's Wearhouse Well-Dressed Men Survey.
Going to the prom can cost students as much as $1,000 for the dress, the tuxedo, the dinner, the ride, the tickets, and the corsages and boutonnieres. But, for a high school where the students are all from foster care, even a budget prom can be out of reach. Enter Men's Wearhouse to donate tuxedo rentals to all the young men.