"Our all-cash proposal would deliver a substantial premium to Men's Wearhouse shareholders and create, in our view, the leading men's apparel and sportswear designer, manufacturer and retailer in the U.S. In addition to capturing significant synergies, we believe that a combination would bring together our complementary capabilities to better serve our customers. We are pleased to have the support and participation of Golden Gate Capital, a leading investor in the retail space, partnering with us in this transaction, and look forward to benefitting from their considerable experience as we grow the combined company," concluded Mr. Wildrick.
"We are pleased to have been selected by Jos. A. Bank to partner on this exciting potential combination of the leading brands and top management teams in men's retailing. We see a natural and highly complementary fit that creates a great opportunity for these companies to deliver impressive growth as a result of the transaction," said Josh Olshansky, Managing Director at Golden Gate Capital.
Jos. A. Bank believes the proposed transaction will allow Jos. A. Bank's management to leverage its core competencies and achieve sustainable growth and value creation for Jos. A. Bank shareholders while providing a significant premium to Men's Wearhouse shareholders. The combined company will capitalize on the relative strengths of each business, offering a larger platform from which both brands can optimize and expand their real estate footprint, strengthen their merchandising and sourcing capabilities, and enhance their multi-channel strategies in a rapidly evolving retail landscape.
Jos. A. Bank further noted that this transaction would provide unique benefits to Men's Wearhouse's shareholders due to the significant overlap in the shareholder composition of the two companies. In addition to receiving a full cash premium for their Men's Wearhouse shares, Men's Wearhouse shareholders who are also shareholders of Jos. A. Bank would have the opportunity to participate in the value creation resulting from the combination.