Board of Directors concludes that unsolicited proposal from Jos. A Bank Clothiers, Inc. undervalues the men’s retailer.
On October 9, Willkie client Men’s Wearhouse announced that after careful evaluation its Board of Directors has determined to reject a $2.3 billion buyout bid from men’s apparel retailer Jos. A Bank Clothiers, Inc. As widely reported in the press, the Board concluded that the unsolicited, non-binding proposal of $48 per share "undervalues Men's Wearhouse and its strong prospects for continued growth and value creation, and is not in the best interests of Men's Wearhouse or its shareholders." Founded in 1973, Houston-based Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,137 stores. Based in Hampstead, MD, Jos. A Bank has over 600 stores nationwide.
Willkie also represented Men’s Wearhouse in its acquisition of iconic American clothing brand Joseph Abboud® in July 2013, and advised the company’s Board of Directors in the June 2013 termination of George Zimmer from his position as Executive Chairman. The current matter was handled by partners Steven Seidman, Michael Schwartz, Laura Delanoy and Jeffrey Hochman and associate Laura Acker.