This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Eminence Suit Adds Wrinkle to Jos. A. Bank Bid

NEW YORK (The Deal) -- Eminence Capital Tuesday, Jan. 14, turned up the pressure on Jos. A. Bank Clothiers, (JOSB) announcing plans to nominate two independent directors to the retailer's board.

New York-based Eminence, owner of 4.9% of Jos. A. Bank shares, has been trying to play match maker between the company and rival Men's Wearhouse (MW) .

Eminence also owns 9.8% of Men's Wearhouse and criticized that board last year when Men's Wearhouse turned down a $2.3 billion merger offer from Jos. A. Bank. Men's Wearhouse has since turned around and offered $1.61 billion to acquire Jos. A. Bank.

Men's Wearhouse has also indicated it intends to nominate candidates for Jos. A. Bank's board. Eminence CEO Ricky C. Sandler said his firm is "very encouraged" by that decision and said Eminence would withdraw its candidates to Jos. A. Bank's board and support Men's Wearhouse if they follow through.

Must Read: Judge Rejects Fisker's Sale Process

"However, given that [Jos. A. Bank]'s nomination window will be closing soon, we feel compelled to submit our own slate at this time to ensure both that [Jos. A. Bank] is pursuing the combination with [Men's Wearhouse] as vigorously as possible," Sandler said.

The firm also said that it was calling off plans to seek a special meeting of Men's Wearhouse shareholders.

Eminence has filed suit in Delaware Chancery Court trying to force Jos. A. Bank to negotiate with its suitor. The investor has said, in court filings, that it believes Jos. A. Bank may be in the process of making another acquisition, something the fund said would be detrimental to a merger with Men's Wearhouse.

"We continue to urge Jos. A. Bank to sit down with Men's Wearhouse and engage in meaningful, good faith negotiations in pursuit of a business combination on terms that could deliver significant value for Jos. A. Bank shareholders," Sandler added.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
JOSB $64.98 -0.05%
MW $17.80 -3.63%
AAPL $95.03 0.21%
FB $116.73 0.00%
GOOG $691.02 0.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs