Silicon Valley software giant Oracle Corp. announced a deal Monday to buy Micros Systems for $5.3 billion, eyeing the Columbia firm for its niche supplying technology to hotels, restaurants and retailers around the world.
Jos. A. Bank Clothiers Inc., likely a few weeks away from finalizing a $1.8 billion deal to be acquired by Men's Wearhouse, posted a $37.1 million first quarter loss stemming from merger-related expenses.
The Men's Wearhouse Inc. hired a business advisory firm to help it merge Hampstead-based Jos. A. Bank Clothiers Inc. into the chain once it acquires the rival retailer in a $1.8 billion deal announced earlier this month.
They both sell suits, but in consumers' minds Jos. A. Bank Clothiers and The Men's Wearhouse are distinct brands. That's an advantage that the two biggest menswear chains should strive to keep as they join forces in a $1.8 billion deal, retail experts said.
Jos. A. Bank Clothiers Inc. moved a step closer toward merging with rival Men's Wearhouse, with an announcement Monday that the two men's apparel chains agreed over the weekend to exchange confidential information and evaluate a potential business marriage.
Men's Wearhouse said Friday it is ready to meet with Jos. A. Bank Clothiers Inc. to discuss a merger, a day after Hampstead-based Bank said it's willing to hear how much more the larger chain would boost its acquisition bid.
On Thursday, Jos. A. Bank rejected Men's Wearhouse's latest bid, a $63.50-per-share offer to buy the Hampstead-based clothier, but in the first sign of thawing, its board has agreed to meet with Wearhouse to discuss a possible acquisition.
Men's Wearhouse sweetened its hostile bid for Hampstead-based Jos. A. Bank Clothiers Inc. Monday, raising its price more than 10 percent in a deal that hinges on the smaller men's apparel chain dropping its plans to buy Eddie Bauer.
Eminence Capital LLC, a shareholder that's suing Jos. A. Bank Clothiers Inc. for rejecting a takeover bid from rival Men's Wearhouse, accused the Hampstead-based men's retailer Tuesday of resorting to "desperate tactics" to protect management jobs by planning to buy outdoor clothing retailer Eddie Bauer.
As the prospect of a $1.6 billion merger between Jos. A. Bank Clothiers Inc. and Men's Wearhouse dimmed, investors retrenched Monday morning, pushing down shares of both retailers much more than the broader market decline.
A marriage of suit seller Jos. A. Bank Clothiers Inc. and the smaller Eddie Bauer casual clothing and outerwear chain could give a boost to both retailers, offering complementary merchandise and customers for each and room for expansion online and into new categories, experts said a day after reports of a possible deal surfaced.
Men's Wearhouse said it might be willing to sweeten its bid for rival Jos. A. Bank Clothiers in a letter sent Thursday to Bank's independent directors that also urged them to form a committee to reconsider its offer to buy Bank for $1.6 billion cash.
Jos. A. Bank Clothiers' board said Friday that it recommends shareholders reject a $1.61 billion acquisition offer from Men's Wearhouse, the latest in a tug of war kicked off when the Hampstead-based Bank tried to buy its larger rival in October.
A large shareholder of Jos. A. Bank Clothiers Inc. went to court Monday to force the Hampstead-based men's retailer to negotiate with rival Men's Wearhouse and stop Bank from acquiring another retailer to "sabotage" the Houston-chain's $1.61 billion hostile takeover attempt of Bank