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US: Men’s Wearhouse, Jos. A. Bank play Pac-Man with head-butting bids

By  |  November 26, 2013

After harshly rejecting a buyout bid from rival Jos. A. Bank, Men’s Wearhouse has struck back with a bid of its own for the competitor.

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    Just weeks following Jos. A. Bank’s offer, Men’s Wearhouse has offered $1.5 billion to buy the company, a move reports describe as “unusual.”

    Men’s Wearhouse is under pressure from stockholders to merge, the largest of which – Eminence Capital LLC – reportedly told other shareholders to encourage Men’s Wearhouse to accept Jos. A. Bank’s offer.

    The strategy of a company making its own offer for a firm by which it was previously targeted for takeover is known as a Pac-Man defense. Jos. A. Bank offered to buy Men’s Wearhouse in October for $2.3 billion.

    Full Content: Reuters

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