With its holdings in rival Jos. A. Bank Clothiers Inc. now approaching 80 percent, The Men’s Wearhouse Inc. has extended its tender offer for Jos. A. Bank shares an additional two weeks.
Jos. A. Bank shareholders now have until 5 p.m. New York time on May 7 to tender their shares and receive $65 in cash for each. The previous deadline was April 23 and the offer had earlier been extended from April 9.
In a deal uniting the two largest publicly traded men’s wear retailers in the U.S., Jos. A. Bank has agreed to be acquired by Men’s Wearhouse for $65 a share, or total consideration of $1.8 billion. The cash tender offer was initiated by Men’s Wearhouse in January, prior to the merger agreement last month.
In reporting that it had extended the offer for Jos. A. Bank shares, Men’s Wearhouse reported that, as of the close of business on Wednesday, about 22.4 million shares of Jos. A. Bank stock had been “validly tendered” and not withdrawn. This constitutes 79.9 percent of the shares outstanding as of the end of the fourth quarter.