You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Rise inloanssignalsgrowth
    WASHINGTON – Americans are slowly but steadily borrowing more money, bringing to an end a five-year effort to cut household debt that has slowed consumer spending and the economy.
  • 'Frozen' bests Barbie as top pick
    NEW YORK – For the first time in more than a decade, Barbie has been frozen out of the top spot on the holiday wish lists of girls.The new reigning champion in the hearts of little girls is Team Elsa.
  • Apple valuehits record $700 billion
    SAN FRANCISCO – Apple’s market value surpassed $700 billion in Tuesday trading, an unprecedented milestone among U.S. companies.Shares backtracked in the afternoon, closing down $1.03 at $117.
Advertisement

Men's Wearhouse buying Jos. A. Bank for $1.8 billion

NEW YORK – It’s time to suit up: Men’s Wearhouse is buying Jos. A. Bank for $1.8 billion.

Men’s Wearhouse Inc. will pay $65 per share, a 5 percent premium to Jos. A. Bank Clothiers Inc.’s closing price Monday of $61.83.

The agreement ends a months-long back and forth that began in October when Jos. A. Bank offered to buy its larger rival for $2.3 billion. Men’s Wearhouse scoffed at that offer, and turned the tables, offering to buy its rival for $1.54 billion.

By early March Men’s Wearhouse had an offer of $63.50 per share on the table but said it may raise the bid to $65 per share if some conditions were met.

The combined company will be the fourth-biggest U.S. men’s clothing retailer, with more than 1,700 U.S. stores and about $3.5 billion in sales.

The transaction is expected to close by the third quarter.

Advertisement