Men’s Wearhouse to Buy Jos. A. Bank
Men's Wearhouse agreed on Tuesday to buy its rival Jos. A. Bank Clothiers for $65 a share in cash, ending months of hostilities between the two retailers. The companies and their advisers worked through the weekend and finally agreed on a deal that values Jos. A. Bank at $1.8 billion, and will bring together the two leaders in affordable menswear. Among the terms of the deal, Jos. A. Bank will terminate its agreement to acquire Eddie Bauer. Despite months of public bickering between the two companies, Douglas S. Ewert, the Men's Wearhouse chief executive, welcomed his new colleagues in a statement. "All of us at Men's Wearhouse have great respect for the Jos. A. Bank management team and are eager to work with Jos. A. Bank's talented employees," he said. Read more here.