The Men’s Wearhouse Inc. is giving Jos. A. Bank Clothiers Inc. shareholders an additional two weeks to tender their shares.
The offer was set to expire on April 9 but shareholders now have until April 23 to tender their shares, at a price of $65 each, to Men’s Wearhouse. Approximately 20.6 million Jos. A. Bank shares, or 73.4 percent of the total 28.1 million outstanding as of the end of the fourth quarter, have been “validly tendered in and not withdrawn from the tender offer,” Men’s Wearhouse said.
Under the merger agreement, Men’s Wearhouse has the right to extend the cash tender offer for periods of up to 10 business days providing other terms of the agreement have been satisfied.
In a regulatory filing with the Securities and Exchange Commission, Men’s Wearhouse gave details on conversations regarding retention of some key Jos. A. Bank executives following the $1.8 billion merger of the two men’s wear giants. In the case of Robert Wildrick, chairman of Jos. A. Bank, discussions covered the possibility of either a retention arrangement or a non-compete agreement.