Black told TheStreet in June that the company was looking for opportunities "where we can leverage the management expertise that we have and the assets of the company where the combined expertise represents long-term value for our shareholders." No acquisition timetable was given at the time.
Specifically BeaconLight wants the Hampstead, Md.-based company to: de-stagger its board of directors and add "truly independent directors" who do not have prior connections to the current board or management; return all of the company's cash to shareholders through share buybacks; rework compensation practices to better align management incentives with long-term shareholder value; and finally, terminate Wildrick's consulting arrangement "and use the cash savings to build a legitimate investor relations department," the letter said.
Jos. A. Bank has also been linked to the possibility of a merger with Men's Wearhouse (MW ). The company went through its own boardroom drama in June when the company fired founder and former brand spokesman and executive chairman George Zimmer from the board following his clash with management.
-- Written by Laurie Kulikowski in New York.Follow @LKulikowski To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. >To submit a news tip, email: firstname.lastname@example.org.
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