This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Eminence Suit Adds Wrinkle to Jos. A. Bank Bid

Stocks in this article: JOSB MW

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.

"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.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,582.35 +225.48 1.30%
S&P 500 2,026.61 +13.72 0.68%
NASDAQ 4,709.8710 +65.5590 1.41%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs