Download Men`s Wearhouse to Buy Jos. A. Bank

 Deal of the Week: Men’s Wearhouse to Buy Jos. A. Bank Announcement Date 
March 11, 2014 Acquirer Acquirer Description 
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The Men's Wearhouse (NYSE: MW) Operates as a specialty apparel retailer in the United States and Canada. As of March 13, 2013, it operated 1,143 retail stores Founded in 1973 and based in Houston, Texas Mkt Cap: $2.7 billion  LTM EBITDA: $282.0 million EV: $2.6 billion  LTM EV / Revenue: 1.0x LTM Revenue: $2.5 billion  LTM EV / EBITDA: 9.3x Jos. A Bank Clothiers (Nasdaq: JOSB) Engages in designing, manufacturing, retailing, and direct marketing of men’s tailored and casual clothing, and accessories in the United States. As of April 3, 2013, the company operated 603 stores Founded in 1905 and headquartered in Hampstead, Maryland Mkt Cap: $1.8 billion  LTM EBITDA: $134.0 million EV: $1.4 billion  LTM EV / Revenue: 1.3x LTM Revenue: $1.0 billion  LTM EV / EBITDA: 10.3x Price: $1.8 billion  Consideration: Cash Bank of America and JPMorgan Goldman Sachs and Financo The combined company expects to be the fourth‐largest men’s apparel retailer in the United States, with annual revenue of about $3.5 billion Robert N. Wildrick, the chairman of Jos. A. Bank’s board stated, “The transaction we are announcing today clearly reflects the success of our efforts, providing a substantial premium over any price at which our stock has ever traded, including a 56 percent premium since our interest in Men’s Wearhouse became public last October, and allowing our shareholders to receive immediate consideration for their holdings.” Men’s Wearhouse agreed to buy its rival Jos. A. Bank Clothiers for $65 a share in cash Men’s Wearhouse will finance the deal with debt financing from Bank of America Merrill Lynch and JPMorgan Chase Among the terms of the deal, Jos. A. Bank will terminate its agreement to acquire Eddie Bauer Jos. A. Bank attempted to acquire Men’s Wearhouse in October for $48 a share, or $2.3 billion, in a surprise takeover bid just months after George Zimmer, the Men’s Wearhouse founder, was pushed out as chairman of the company Acquirer Financial Statistics Target Company Target Description Target Financial Statistics Price / Consideration Acquirer Advisors Target Advisors Rationale 
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