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US: Jos. A. Bank makes move in menswear challenge

By  |  February 14, 2014

As menswear retailers Jos. A. Bank and Men’s Wearhouse rival to acquire each other, Jos. A. Bank has made its latest move in the dispute by inking a deal to acquire competitor Eddie Bauer parent company.

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    The clothing company announced Friday that an agreement was made for $825 million, as well as a buy back of up to $300 million worth of its own stock, should the merger be approved.

    Jos. A. Bank first submitted a bid to acquire Men’s Wearhouse last year for $2.3 billion, one that Men’s Wearhouse quickly denied, responding with a bid of its own to acquire Jos. A. Bank for $1.6 billion.

    Reports say Jos. A. Bank has left an open deal with Eddie Bauer that allows the company to back out of the agreement should it receive an unsolicited buyout bid that the company decides would prove more beneficial than an Eddie Bauer deal.

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