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

  • Dollar General raises Family Dollar bid to $9.1 billion
    GOODLETTSVILLE, Tenn. – Dollar General upped its bid for the rival Family Dollar chain and addressed an earlier roadblock, saying it will more than double the number of stores it would shed to ease the antitrust concerns of its takeover target.
  • Crossovers help drive SUV revival
    SOUTHFIELD, Mich. – The SUV is dead. Long live the SUV. Not so long ago, the sport utility vehicle seemed on the road to extinction.
  • McDonald's tries to change image
    NEW YORK – At a dinner McDonald's hosted for reporters and bloggers, waiters served cuisine prepared by celebrity chefs using ingredients from the chain's menu.
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