Dive Summary:
- According to details published by Chain Store Age, Men’s Wearhouse will review a previously rejected buyout offer from Jos. A. Bank.
- Eminence Capital LLC—the largest single Men’s Wearhouse shareholder—has urged Men’s Wearhouse to swiftly explore its strategic options, including a possible merger.
- Jos. A. Bank has set a deadline of Nov. 14 for Men’s Wearhouse to open its books or possibly face further action including a hostile takeover attempt.
Dive Insight:
"We also fully expect you and the board, given the explicit commitment to explore all options, to actively engage with Jos. A. Bank before their deadline of November 14, 2013," wrote Eminence CEO Ricky Sandler in a letter to Men’s Wearhouse CEO Doug Ewert. Men’s Wearhouse publicly rejected the initial buyout offer from Jos. A. Bank in October, claiming the unsolicited $2.3 billion proposal undervalued the Men’s Wearhouse brand.
